Chennai, March 11 (IANS) TI Cycles part of Tube Investments of India Ltd. will launch 11 models of Belgium cycle-maker Ridley Bikes in the Indian market, officials said here on Friday.
“We will launch 11 models of Ridley at a price range of Rs.25,000-Rs.80,000. We have technical collaboration with the Ridley,” Arun Alagappan, president of TI Cycles, said.
According to Alagappan, the company would also launch 14 models of Ridley’s at a price range between Rs.63,000-Rs.780,000.
He said the cycles will be imported from Belgium and sold through TI Cycles dealers selling super premium range of cycles.
In August 2015, Tube Investments signed the brand licensing rights agreement with the Belgium company to sell Ridley models in India and neighbouring countries.
“Moving forward our focus will be to grow this segment,” Joachim Aerts, chief executive officer of Ridley said.
According to Alagappan, the total bicycle market in India was around 14 million units of which the premium bicycle segment is estimated at around 60,000 units per annum and growing at 30 percent rate.
He said TI Cycles sells around 17,000 units in the premium segment. Pointing out that cycle racing has not developed in India L. Ramkumar, managing director, Tube Investments of India said both the companies were planning to carry out series of programmes to promote professional cycling in India.