New Delhi, Dec 7 (PTI) Bicycle manufacturer TI Cycles ofIndia today said it has signed an agreement to acquirecontrolling stake in Sri Lanka-based Creative Cycles Pvt Ltdand Great Cycles Pvt Ltd.
TI Cycles of India, a part of the USD 4.7 billionMurugappa Group, said the acquisition will help strengthen andexpand the global supply chain for the premium cyclesportfolio of TI Cycles.
"With this acquisition, we will be able to grow themarket for premium cycles and our market share in the premiumsegment even more aggressively," said L Ramkumar, ManagingDirector, Tube Investments India Ltd (of which TI Cycles ofIndia is a division).
Creative Cycles and Great Cycles have manufacturingfacilities in the Katunayake Export Processing Zone, Colombowith a capability to produce a range of bicycles. PTI PRJSBT.
This is unedited, unformatted feed from the Press Trust of India wire.