Hyderabad-based Cynosure Enterprises Ltd has signed an MoU with Andhra Bank for financing its e-bikes. Andhra Bank will provide a term loan to purchase the e-bike, amounting to 90 per cent of the on-road price. | |
| Cynosure Enterprises, last year, launched a pedalled bike that runs on a battery. The e-bike, with a range of 60 km per charge and speed averaging less than 25 km per hour, can take a payload of 150 kg. The e-bike is currently priced at about Rs 22,000. |
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| Cynosure currently has four dealers in Andhra Pradesh at Hyderabad, Vijayawada, Khammam and Karimnagar. It plans to increase the network to 22 by August 2006. |
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| "At present, we are taking orders and plan to start sales by the end of this month. We are targeting a sale of at least 4,000 units per month," Rao said. |
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