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| Tuesday, 21 September 2004 |
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Reva electric car for Lankan roads Ceylinco Consolidated signed a Memorandum of Understanding (MoU) with Maini Group of India on Sunday, in connection with introducing environmental friendly, high quality, technologically advanced products to the Sri Lankan market. The joint venture which involves incorporation of a new company will initially focus on introduction of the Reva electric car to Sri Lanka. The Reva electric car, launched on May 11, 2001 is an outstanding Indian innovation that has been successful in establishing a presence in foreign markets such as the United Kingdom, Japan and Hong Kong. Introduction of Reva electric cars to Sri Lanka presents a unique opportunity to escape from the inevitable consequences of declining world oil reserves which can be expected to result in high fuel import bills. The Reva electric car is a pollution-free vehicle which will also help mitigate the impact of adverse global trends such as global warming. The Reva electric car is an EU-certified car which attests to its quality, durability and roadworthiness which has also enabled the Reva electric car to gain widespread international acceptance, particularly in developed markets. The Maini Group, from its humble beginnings as a firm manufacturing automotive components, has grown over the years to become a widely diversified manufacturing-based conglomerate which is associated with leading global brands such as General Motors, Bosch and Volvo. The Maini Group has a workforce of over 1,200 committed individuals who have been instrumental in its success. The Maini Group is based in over 14 locations in and around Bangalore which is the high-tech capital of India. The Maini Group, which was the first to commercially produce electric vehicles, was also the first to obtain recognition from the Department of Scientific and Industrial Research of the Government of India for its three state-of-the-art Research and Development Centres. The future plans of the joint venture company include manufacturing of the Reva electric car in Sri Lanka in order to introduce environmentally friendly, high quality technology to Sri Lanka that in addition to being a pollution-free product will also feature low operating and maintenance costs due to the absence of fossil fuel costs. The MoU between the two groups was signed on behalf of Ceylinco Consolidated by Dr. Lalith Kotelawala, Chairman of Ceylinco Consolidated and on behalf of Maini Group by Sudarshan Maini, Chairman of Maini Group. The MoU is intended as the first step in the establishment of a long-lasting and successful partnership between two pre-eminent business groups of Sri Lanka and India. |
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