New Delhi, Feb 19 (PTI) Kinetic Green Energy & Power Solutions today said it has partnered Tonino Lamborghini to set up a new joint venture in India for design and manufacture of premium segment golf carts and other electric off-road vehicles. Also Read - Maharashtra University Exams 2021 To Be Conducted Online For All State Varsities | Details Here
The two partners have signed a memorandum of understanding (MoU) to this effect, the company said in a statement. Also Read - Coronavirus in India April 22, 2021 Updates
Kinetic Green and Tonino Lamborghini group will discuss and finalise other terms and condition of the proposed JV, including shareholding percentage, investments, scope, business plan and other commercial terms in the next 90 days and finalise the definitive agreements, it added. Also Read - No Lockdown in Maharashtra But Stricter COVID Restrictions: 25 Wedding Guests, Offices to Work at 15% Capacity | Full SOPs
“Under the MoU, Lamborghini family will also provide the ‘Tonino Lamborghini’ brand license to the JV and both companies will leverage the existing network and marketing channels to promote and market the JV products in India and globally,” the statement said.
The new JV will leverage on Kinetic Green’s existing R&D as well as manufacturing facilities at Ahmednagar in Maharashtra, where the company manufactures various electric vehicles (EVs), it said.
“The whole world is moving towards green technology oriented vehicles for a better tomorrow and we are very happy to announce the JV with one of the world’s most admired and luxury brand,” Kinetic Green founder and CEO Sulajja Firodia Motwani said.
Kinetic Green, a part of Pune-based Kinetic Group, is keenly looking to tap the global market with high end golf carts and off-road EVs along with the Lamborghini family, she added.
The company said golf carts segment is growing at over 7.5 per cent CAGR and has a global market size of 3 lakh units with North America and Europe accounting for the biggest share. Tonino Lamborghini SPA VP Ferruccio Lamborghini said the company has been producing premium golf carts since 1990 and its partnership with Kinetic would aim to look to the future and provide a vision.
“Electric vehicles are nowadays under the spotlight as never before, and in this era of changes, the world is becoming aware of the potentials and benefits that EVs can provide,” Lamborghini added.
This is published unedited from the PTI feed.