Pune based Kinetic Group’s company Kinetic Green Energy & Power Solutions Ltd signed a MoU (Memorandum of Understanding) with globally recognized luxury brand Tonino Lamborghini to jointly set up a new joint venture company in India (in state of Maharashtra) for design and manufacture of premium segment golf carts and other electric off-road vehicles.
Under the MoU, Lamborghini Family will also provide the “Tonino Lamborghini” brand license to the JV and both the companies will leverage the existing network and marketing channels to promote and market the joint venture products in India and globally.
The new JV will leverage Kinetic Green’s existing R&D as well as manufacturing facilities located in Ahmednagar district of Maharashtra where the company manufactures various electric vehicles and holds a leading position in electric three-wheeler business in India.
Kinetic Green and Tonino Lamborghini group will discuss and finalize the further terms and condition of JV including shareholding percentage, investments, JV scope, business plan and other commercial terms during the next 90 days and finalize the definitive agreements.