TI Cycles to acquire two Sri Lankan firms

TI Cycles of India has signed a definitive agreement to acquire a controlling stake in Creative Cycles (Pvt) Ltd andGreat Cycles (Pvt) Ltd, Colombo, Sri Lanka, according to a press release from TI Cycles. The acquisition will strengthen the global supply chain for the premium cycles portfolio. TI Cycles is a division of Tube Investments of the Murugappa Group. The acquisition is expected to close by the end of this financial year.