: Murugappa Group company Tube Investments of India (TII) today entered into a joint venture with Absolute Speciality Foods to expand its bicycle cafes across the country.
At a function held here, Tube Investments of India, Chairman, M M Murugappan formed the joint venture with Absolute Specialities, CEO, Ashish R Thadani to expand the Ciclo Cafes, a company statement said.
TII had set up by Ciclo Cafes in March last year to offer an unique ambience to bicycle enthusiasts.
"Cycling has emerged as a popular leisure and recreational activity in India and is gaining great popularity. We believe this initiative will provide discerning patrons and cycling afficionados the platform to enjoy their love for this sport", Murugappan said.
Under the joint venture agreement, Ciclo Cafe would be set up in Gurgaon and Hyderabad by the end of current financial year.
A soft launch of Ciclo Cafe was made last year in Chennai. At present, Ciclo Cafe is owned by TII while Absolute Specialty owns and runs the food and beverage business, it said.
"Ciclo Cafe brings cycling enthusiasts together, as a platform for taking their interest in this exhilarating sport further, and to enjoy the taste of local and international cuisines in an atmosphere that is unique not only for the connoisseur of good food but also for the lovers of sport," Thadani said.
TII has 17 manufacturing units and some of its key business divisions include TI Cycles, Tube Products of India, TI Diamond Chains, metal forming, Shanti Gears, among others.
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