The UK-based Ultra Motor Company has pulled out of a technical collaboration with the Munjals of the Hero group for the electric two-wheeler company, Hero Ultra Pvt Ltd. The company sold 11,000 electric scooters in FY08. Ultra Motors already operates in the country through a fully owned subsidiary, Ultra Motors India, selling over 11,000 electric scooters. Speaking on the cancellation of the deal, Joe Bowman, chief executive officer of Ultra Motors, said, "The opportunity cost of selling electric vehicles in India does not fit strategically under this joint agreement. We intend to create shareholder value and positively impact those markets where we operate. We have come to believe India is one of the largest markets in the world. So we are looking forward to develop it independently.' The technical collaboration was used for selling two electric scooter brands