 "Hero Cycles")
Hero Cycles on Thursday said it had bought Delhi-based Firefox Bikes for an undisclosed sum, to expand its presence in the country’s premium bicycle market.
Hero Cycles, which calls itself the world’s largest bicycle maker by volume, said the deal included Firefox Bikes’ brands, accessories and spares along with exclusive distribution rights.
However, Firefox Bikes will be a distinct brand and continue as a separate business entity, Hero Cycles, part of the Hero Motors group of companies, said.
Bicycle manufacturers are increasingly betting on India’s young and affluent urbanites to help establish a leisure riding culture.
India is the world’s largest bicycle market after China but the roads are packed with cheaper models.
