Moneycontrol BureauShares of Tube Investments of India, a part of the Murugappa Group, rose 5.7 percent intraday Friday. The company has signed up with Ridley Bikes Belgium to acquire brand licensing rights for India, Sri Lanka, Bangladesh, Nepal, Bhutan and Myanmar for period of 33 years."The company plans to further strengthen its leadership position in the super premium segment by adding Ridley to the existing bouquet on the World's best cycle brands like Bianchi, Cannondale, GT, Schwinn, Mongoose& Montra, all under one roof," it said in a BSE filing.The company plans to expand its reach of Premium Track and Trail and Ciclo Cafe stores up to 50 outlets by 2017 from its present 12 outlets. It has world class domestic and export manufacturing facility in Chennai.Arun Alagappan , President of Tube Investment said, "We are confident Ridley bicycles will infuse fresh dynamism to our commitment to India and Indian consumers." At 10:16 hrs Tube Investments of India was quoting at Rs 409.00, up Rs 12.35, or 3.11 percent on the BSE.Posted by Rakesh Patil
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