Andhra Bank to finance e-bikes

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.

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.

"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.