Kinetic Green Energy & Power Solutions 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.
The two partners have signed a memorandum of understanding (MoU) to this effect, the company said in a statement.
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.
“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 Greens existing R&D as well as manufacturing facilities at Ahmednagar in Maharashtra, where the company manufactures various electric vehicles (EVs), it said.