 "Murugappa's TI Cycles acquires brand licensing rights for Ridley Bikes Belgium")
TI Cycles will import these cycles for time being and going forward the company may consider manufacturing the cycles in India.
The markets includes India, Sri Lanka, Bangladesh, Nepal, Bhutan and Myanmar for a period of 33 years. The agreement with Ridley bikes is license-fee based. The Ridley cycles will be in the high-performance category of cycles. Price range starts from Rs 40,000 and will be available for retail sales from November onwards.
Ridley Bikes Belgium was established in 1990 and is considered as one of the leading innovators in bicycle technology.
The company holds patents for aerodynamic design of frames and forks, and have their products tested in wind tunnels and universities throughout the world . It also supports one of the leading UCI World teams, Team Lotto - Soudal whose riders won 4 stages at the 2015 edition of Tour de France.
The licensing rights will strengthen the market share for TI Cycles of India in the Premium Bicycles division and will also establish Ridley as one of the leading global brands in India.
With the introduction of Ridley Bicycles in India, both the companies plan to undertake a series of programmes in India to promote the culture of professional cycling and also provide a platform for Indian riders to get global exposure.
These super premium bicycles will be available at Premium Track & Trail and Ciclo Cafe retail outlets and key multi-brand outlets across cities. The company plans to further strengthen its leadership position in the super premium segment by adding Ridley to the existing bouquet of the world's best bicycle brands like Bianchi, Cannondale, GT, Schwinn, Mongoose&Montra, all under one roof.