TI Cycles inks agreement to acquire controlling stake in Creative Cycles & Great Cycles

Tuesday, 12 December 2017 00:00 - - {{hitsCtrl.values.hits}}

TI Cycles, one of India’s leading bicycle manufacturers which is part of the $ 4.7 billion Murugappa Group, announced that it has signed a definitive agreement for the acquisition of a controlling stake in Creative Cycles Ltd. and Great Cycles Ltd. of Sri Lanka.

Once concluded, this acquisition will help strengthen and expand the global supply chain for the premium cycles portfolio of TI Cycles. Creative Cycles and Great Cycles has manufacturing facilities in the Katunayake Export Processing Zone with a capability to produce a wide range of bicycles, from children’s bicycles and performance cycles to steel and alloy bikes.

“TI Cycles is a leader in the premium cycles segment, bringing the best cycling experience to the Indian consumer,” says L. Ramkumar, Managing Director of Tube Investments India Ltd, of which TI Cycles of India is a division.

“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.

“I am excited to be associated with TI Cycles and the Murugappa Group,” said Creative Cycles and Great Cycles Founder and Director Shuyuan Gan.

“We’re looking forward to working closely with TI Cycles as an integral part of their global supply chain.” Subject to the approval of respective authorities and the successful completion of all formalities, the acquisition is expected to close by the end of this financial year.