New Delhi, Dec 7 (PTI) Bicycle manufacturer TI Cycles of India today said it has signed an agreement to acquire controlling stake in Sri Lanka-based Creative Cycles Pvt Ltd and Great Cycles Pvt Ltd.

TI Cycles of India, a part of the USD 4.7 billion Murugappa Group, said the acquisition will help strengthen and expand the global supply chain for the premium cycles portfolio of TI Cycles.

“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,” said L Ramkumar, Managing Director, Tube Investments India Ltd (of which TI Cycles of India is a division).

Creative Cycles and Great Cycles have manufacturing facilities in the Katunayake Export Processing Zone, Colombo with a capability to produce a range of bicycles.

This is published unedited from the PTI feed.