eTukTuk would like to announce The Capital Maharaja Group’s equity stake in our rEVolutionary network set to breathe new life into transportation technology throughout Sri Lanka.
eTukTuk recently announced that The Capital Maharaja Group — Sri Lanka’s largest, privately-held conglomerate would be joining us in a major partnership on the ground in Sri Lanka. The pairing will help our network to integrate seamlessly and boost growth within the transportation landscape throughout the country.
To further strengthen our ties to Sri Lanka, however, eTukTuk can now reveal that The Capital Maharaja Group is also the holder of a 20% equity stake in eTukTuk’s entity in Sri Lanka, meaning that our biggest partner to date has a vested interest in the widespread success of the network going forward.
So, who are The Capital Maharaja Group, and why is this shareholder crucial to eTukTuk’s success?
With over 90 years’ experience integrating brand names and opportunities into the country, The Capital Maharaja Group has amassed a wealth of experience and expertise. Having brought major brands to Sri Lanka, like Colgate Palmolive, PVC Pipes, Internal Cosmetics Ltd, A.F Jones, TDK, Fox Resorts, and so many more, CMG is at the heart of the nation, providing products and services to the people of Sri Lanka that are now household names and tried and trusted staples in everyday life.
Their track record for forging successful joint ventures is astounding. These include global names such as; BP, Cadbury, IBM, Union Carbide, Cheseborough Ponds, Parker Ink, Sekisui, Chem-Way International, Berec Batteries, Pepsi Cola International, SingTel, Telekom Malaysia for Dialog, New Zealand Dairy Board, Fonterra, Kansai Nerolac Paints, Colgate, General Motors Canada, Sagem, Citizen, Balfour Beatty, Sony Music, Universal, and BMG (to name only a few).
The company was also responsible for setting up the Board of Investment (BOI); the agency at the pinnacle of foreign direct investment in Sri Lanka; forging new pathways for success in order to attract a wealth of global investment. This led to the country’s first-ever BOI project — the Prima Flour Mill in 1977, with many more projects since its inception.
With 9 different manufacturing companies, and an impressive portfolio of infrastructure including manufacturing plants, warehouses, distribution centres, dealerships, and clearing and forwarding facilities, CMG is perfectly positioned to assist eTukTuk at every stage of the integration process.
Furthermore, they have impressively captured the hearts of the people with their well-established and popular media companies MTV and MBC, which encompass a wide range of stations that have made them the people’s network and the national broadcaster. With an infinite reach to households all over Sri Lanka, CMG is well placed to publicise and market products to the people.
Not only are CMG poised to facilitate the success of the eTukTuk network in Sri Lanka, but their goals align with our project, setting us on the same path towards innovation, collaboration, and success. CMG’s recurring theme is to envision the future, set long-term objectives, and then take bold steps to achieve their goals. That is why we believe that not only are they the perfect partnership to forge for our unique ecosystem in Sri Lanka, but they are valuable stakeholders who will ensure the success of the network throughout the country at every level.
Public service is also at the heart of everything The Capital Maharaja Group does. Rallying to aid people in times of natural disasters and devastation, CMG’s CSR project Gammada — a nationwide movement — focuses on the basic needs of forgotten people.
The Future
The Capital Maharaja Group have already provided extremely valuable introductions to Sri Lankan Government officials, potential future partners, and other stakeholders. However, during the launch of the network, CMG will further provide local media coverage for the charging station and vehicle launches through the medium of their television and advertising network.
The group will also help to further identify charging station locations as the network expands and will help to secure a local plant location, local hiring and employment, and establishing the network on the ground. They will also support the ongoing maintenance of the charging station network.
They will also help us gain a foothold in other markets, leveraging their connections with multinationals and foreign dignitaries and officials.
George Cox, Chief Marketing Officer at eTukTuk said of the news, “We are thrilled to be able to announce this to the world. To have such a company as The Capital Maharaja Group with a 20% equity stake in eTukTuk is a real boost considering the stature of the companies they have partnered with over the last 90 years. This is going to propel eTukTuk’s mission significantly across Sri Lanka.”
Driven by new ideas and new opportunities, CMG is now forging a new pathway into transportation rEVolution alongside eTukTuk — the world’s first automotive project built on Cardano — to build a lasting legacy of innovation and opportunity. We are thrilled at the partnership and to be able to announce our shareholders, and we look forward to building a unique and innovative transportation solution throughout Sri Lanka with The Capital Maharaja Group at our side.
#TogetherWeCan
