City-based Tube Investments of India Ltd on Thursday said it has signed a definitive agreement for acquisition of two cycle companies in Sri Lanka for an undisclosed sum.
In a statement, the company said it had signed a definitive agreement for acquisition of a controlling stake in Creative Cycles (Private) Ltd and Great Cycles (Pvt) Ltd, Colombo.
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 and from steel to alloy bikes.
"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," L. Ramkumar, Managing Director, Tube Investments, said in the statement.
--IANS
vj/nir/bg
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app