Comments
Hero Cycles has acquired majority stake in the UK-based cycle distributor Avocet Sports Ltd to mark its entry into the high-value cycle market in Europe, the company said in a statement.
Based in Manchester, Avocet has retail relationships with leading retailers such as Tesco, Halfords, ASDA, Shop Direct, Amazon, and so on. Its leading brands include Viking, Coyote, Rooster, Ryedale, Lectro, Concept and Riddick. Pankaj Munjal, Chairman and MD, said: “This acquisition marks our entry into the European market and plays an important role in realising our ambition of becoming one of its key players.”
Hero Cycles Ltd has a manufacturing capacity of 7.5 million bicycles per year, with its manufacturing units in Ludhiana (Punjab), Bihta (Bihar) and Ghaziabad (Uttar Pradesh). It exports to Africa, Asia and Europe.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.