Lankapage Logo CP 18 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* India's Tube Investments to acquire two bicycle companies in Sri Lanka for $3.34 mn
Fri, Dec 8, 2017, 09:17 am SL Time, ColomboPage News Desk, Sri Lanka.

Dec 08, Colombo: Chennai-based Tube Investments of India Limited, a company that specialized in engineering bicycles has entered into an agreement to acquire 80 percent stake in two Colombo-based premium bicycle makers for $3.34 million.

TI Cycles of India, is one of the leading bicycle manufacturers in India, a part of the USD 4.7 Billion Murugappa Group.

The company in a stock market disclosure said on 7th December it entered into an agreement with Mr. Shuyuan Gan, the promoter and 100 percent shareholder of Great Cycles (Pvt) Ltd and Creative Cycles (Pvt) Ltd, both in Colombo to acquire 80 percent stake of the share capital of each company for $3.34 million and a sum equivalent to 80% of the applicable net working capital as on 30th November 2017.

It said the acquisition of the two companies engaged in manufacture of premium bicycles is part of Tube Investments' strategy to secure the backend supply chain in the mass premium and super premium segments of its bicycles division.

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.

”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," L Ramkumar, managing director of Tube Investments said.

"We're looking forward to working closely with TI Cycles as an integral part of their global supply chain," Shuyuan Gan, Founder & Director of Creative Cycles & Great Cycles said.

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.

 

ColomboPage - Recent 10 Stories ::
Sri Lanka Human Rights Commission issues guidelines for police officers to follow during local election
-- [5 minutes ago]
Uva Chief Minister resigns from the post of Provincial Minister of Education
-- [38 minutes ago]
Sri Lanka to establish two more medical faculties to expand higher education
Special high court will be set up in next two months to expedite hearing of fraud cases - PM
Sri Lanka President to take over economic management
Teachers' union demands arrest of Uva Chief Minister for threatening a Tamil female teacher
Sri Lanka to sign a FTA with Singapore during Prime Minister's visit
Court grants permission to examine the bank accounts of former Ministry secretary and his family
Postal voting for Local Government elections to begin on Monday
Sri Lanka made little progress on transitional justice initiatives in 2017 - HRW

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.