Put into bat, Rahane struck 111 from 108 balls (13x4, 2x6) en route to his second ODI century while Dhawan returned to form with a 107-ball 113 (14x3, 3x6), his sixth overall, and first since his 119 vs West Indies in Kanpur in November last year, to set the tempo for the record total at this venue.
Capitalising on their respective dropped chances by veteran wicketkeeper Kumar Sangakkara, the duo complemented each other in a 231-run opening partnership.
Rookie left-arm spinner Axar Patel too impressed with his big-hitting skills as he spanked Dhammika Prasad for two sixes in the last over in his unbeaten 14 off four balls.
This was only the second time 300-plus was scored at this venue with the previous best being India's 301 for three against Zimbabwe way back in 1998.
However in the recent past, Kings XI Punjab piled 231/4 against Chennai Super Kings in the IPL in May this year in match that saw a total of 418 runs.
Former skipper Sangakkara became the villain, dropping Dhawan on 10 and Rahane on 38 in what would have been routine diving catches behind the stumps, much to derail the promising start given by their two new-ball bowlers in Dhammika Prasad (0-60) and Lahiru Gamage (1-59).
The two Indian openers moved at snail's pace with 14 runs from first five overs and the first power play yielded just 43 with 44 dot balls but the Lankan attack started becoming wayward, while Sangakkara's two reprieves injected the spark the duo needed.
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