In a statement, the company said it had signed a definitive agreement for acquisition of a controlling stake in Creative Cycles (Private) Ltd and Great Cycles (Pvt) Ltd, 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.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.