to make electric golf carts for global markets
Mumbai, Feb 19 (PTI) Italian luxury accessories maker Tonino Lamborghini Group, made famous by its eponymous group sports car brand, today announced a joint venture with the Firodias-run Kinetic Green to design, manufacture and sell electric golf-carts across the world.
The two partners, however, did not disclose the amount of stake each of them will own in the joint venture or the amount of investment required for it.
The Tonino Lamborghini Group is associated with the same group that has made a name for itself by producing super luxury sports cars. Automobili Lamborghini, the sports car maker, is now owned by German auto giant Volkswagen.
Toniono Lamborghini had split from the parent in the late 1980s and has been concentrating on luxury products and accessories since then.
In the run-up to the ongoing investment summit, state industry minister and senior bureaucrats had last week told PTI they were in talks with Lamborghini, saying the Italian company was keen to invest in the state to make electric vehicle. They had, however, not disclosed which of the two Lamborghini groups it was in touch with.
Maharashtra Industrial Development Corporation chief executive officer Sanjay Sethi had on February 15 told PTI that the world-famous manufacturer of luxury supercars, sports cars and SUVs was planning an investment in the state.
"They (Lamborghini) have a basic interest in electric vehicles," the senior IAS official had told PTI, when asked about the likely presence of senior officials from Lamborghini at the Magnetic Maharashtra summit.
State industries minister Subhash Desai had also said the carmaker was keen to set up base in Maharashtra.
When contacted, head of Lamborghini India Sharad Agarwal said had denied any such plans saying, "Automobili Lamborghini SpA is not looking to set up a manufacturing base in Maharashtra." Lamborghini the carmaker sells multiple models in the country, with a base price north of Rs 2 crore.
Last month media report said it sold 28 vehicles in the country in 2017, and is targeting to triple the same by 2019, as new models get launched.
"Lamborghini is very closely associated with luxury business and has the design capabilities that will be of help to us," Kinetic Green founder and CEO Sulajja Firodia-Motwani told PTI here today on the sidelines of the summit.
The Pune-based Kinetic Group is credited with popularising automatic scooters here and dominating the segment for over two decades before the market attracted Japanese giants.
Ferruccio Lamborghini of the Tonino Lamborghini Group said the Kinetic Group has the right distribution network and manufacturing capabilities making it a good draw for his company to be associated with.
Since the past two years, the Kinetic Group has been selling the MV Augusta brand of Italian super premium racing bikes in the country, the top-end which are priced upwards of Rs 50 lakh.
Motwani said the joint venture is planning to produce 5,000 golf carts annually over the next four years which will accrue in revenue of around Rs 250 crore. Market for such carts is very large, and is worth USD 2.5 billion per year, she claimed.
"Even if we manage to garner 2 per cent of the market, it will be sizeable revenue," Motwani said.
When asked if the partnership can be extended to other areas as well--Lamborghini is also making micro-cars and electric bikes--Ferrucio said all the options are open even though nothing has been signed yet. PTI AA BEN BEN
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