Local media in India is reporting that Indian bicycle business Hero Cycles is to up its already majority held stake in BSH Ventures.
Already holding a 60% ownership, Hero’s Chairman and Managing Director Pankaj munjal outlines that the plant is strategically located to deliver into the European and Indian markets. Sri Lanka benefits from a special status where zero duty applies on exports to Europe and India.
Now the world’s largest bicycle manufacturer, Hero has in recent years accelerated the pace of its global acquisitions to enable the business to remain agile in its production and export strategies. The firm, aside from acquiring the UK’s Avocet Sports, has opened a global design centre in Manchester which the firm says is fast accelerating the pace of its innovation.
The increased stake in the Colombo-based BSH facility is expected to complete later this quarter.
In other news, Hero this week signed once again as the headline sponsor of the 2018 StreetVelodrome tour, an initiative designed to encourage families to take up cycling.
“We have sponsored StreetVelodrome before with our Viking range of bikes but this year we wanted to do more,” said Avocet CEO Sreeram Venkateswara (pictured). “StreetVelodrome is a great fit for our values particularly encouraging more families into cycling. Health and wellbeing are increasingly important for families and cycling is seen as a great way to spend quality time together escaping stress, polluted cities and improving fitness. The new Insync range is the first designed by our new Global Design Centre in Manchester and a lot of time and passion has been invested in designing bikes for all members of the family. From the stylish Ryedale range for women to the DeNovo childrens range, where we have consulted paediatric physiotherapists to improve the weight and reach dynamics of bike. In addition, we have our Viking and Riddick bikes which are terrific for mums, dads and teenage boys and girls wanting to try road and off-road biking for the first time.”