TI Cycles of India, a part of the USD 4.7 billion Murugappa Group, said the acquisition will help strengthen and expand the global supply chain for the premium cycles portfolio of TI Cycles.
"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," said L Ramkumar, Managing Director, Tube Investments India Ltd (of which TI Cycles of India is a division).
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