TI Cycles To Acquire Controlling Stake In Creative Cycles & Great Cycles, Sri Lanka
TI Cycles of India, one of the leading bicycle manufacturers in India, a part of the USD 4.7 Billion Murugappa Group, announced that it has signed a definitive agreement for acquisition of a controlling stake in Creative Cycles (Private) Limited & Great Cycles (Private) Limited, Colombo, Sri Lanka. This acquisition, when concluded, will help strengthen and expand the global supply chain for the premium cycles portfolio of TI Cycles.
Creative Cycles and Great Cycles have manufacturing facilities in the Katunayake Export Processing Zone, Colombo with a capability to produce a wide range of bicycles, from kids to performance cycles, from steel to alloy bikes.
"TI Cycles is a leader in the premium cycles segment, bringing the best of cycling experience to the Indian consumer," says L Ramkumar, Managing Director, Tube Investments India Limited (of which TI Cycles of India is a Division). "With this acquisition, we will be able to grow the market for premium cycles and our market share in the premium segment even more aggressively. Our goal has always been to offer the finest products and experience to Indian consumers and this is one more step in that direction."
Subject to approvals from the respective authorities and successful completion of all formalities, the acquisition is expected to close by the end of this financial year.