TI Cycles of India, one of the leading bicycle manufacturers in India, a part of the US$4.7 billion Murugappa Group, announced that it has signed a definitive agreement for acquisition of a controlling stake in Creative Cycles (Private) Ltd. & Great Cycles (Private) Ltd., Colombo, Sri Lanka. This acquisition, when concluded, will help strengthen and expand the global supply chain for the premium cycles portfolio of TI Cycles.

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, from steel to alloy bikes.

“TI Cycles is a leader in the premium cycles segment, bringing the best of cycling experience to the Indian consumer,” says Mr. L. Ramkumar, Managing Director, 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,” says Shuyuan Gan, Founder & Director of Creative Cycles & Great Cycles. “We’re looking forward to working closely with TI Cycles as an integral part of their global supply chain.” 

Subject to approvals from the respective authorities and successful completion of all formalities, the acquisition is expected to close by the end of this financial year.