CHENNAI: City-based Tube Investments of India said it had 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 and Great Cycles, 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.

Meanwhile, two and three-wheeler maker TVS Motor hopes to sell 10,000 units of its 312cc super premium motorbike TVS Apache RR 310 in the first year and also launch the vehicle overseas.

“We plan to sell 10,000 units during the first year. The model will be available at our dealerships by the end of December. We will launch the model overseas in a phased manner,” Sudarshan Venu, Joint Managing Director, told reporters here.

Indo-Asian News Service