Leading bicycle manufacturer, Avon Cycles Ltd today said it had decided to launch battery operated electric bicycles by April next year. | |
| "We always wanted to offer an inexpensive mode of transport to people in view of the increasing fuel prices. That is why we have decided to manufacture electric bikes, which are scheduled to be launched in the domestic and international markets in April next year," Avon Cycles Ltd Managing Director Onkar Singh Pahwa said here. |
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| The company is talking to foreign companies for supply of "Power System" - a device used for electric bicycles. "We are negotiating with Korean and Chinese companies for importing power system for our bicycles," he said. |
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| The estimated cost of these electric bicycle will range between Rs 8,000 and Rs 10,000. |
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| Avon Cycles, which will commence test trials of THE electric bike from January next year, is hoping to garner a turnover of Rs 100 crore from the sale of electric bikes after the first year of its launch. |
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| The company, having a turnover of Rs 300 crore, is exporting bicycles to more than 80 countries including Afghanistan, Angola, Argentina, Bahrain, Germany, Greece, Singapore, South Africa, Mauritius and Sri Lanka. |
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| Even as bicycle sales is restricted to fancy and children models, the Avon Group plans to enhance its total turnover to Rs 1,500 crore in next five years. |
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| "We anticipate that in next five years, the group's total turnover will touch Rs 1,500 crore from Rs 1,000 crore at present," Pahwa said. |
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| Besides the bicycle business, the group is also engaged in manufacturing of HR steel and strips. |
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