TI to double turnover in cycle segment
September 30th, 2011 - 7:47 pm ICT by IANSShimla, Sep 30 (IANS) The Tube Investments of India Ltd (TI), a unit of the $3.8 billion Chennai-based Murugappa group, is aiming to double its turnover in its cycle segment in the next three years, a company official said here Friday.
“In the next three years, we are aiming to double the turnover from Rs.1,100 crore (in 2010-11),” TI Cycles general manager (marketing) Rajesh Mani told IANS.
He said in 2007-08, the turnover of the company, with a market share of 33 percent, was Rs.550 crore.
“The trend of pedalling is picking up in the metros and big cities due to increase in health consciousness,” said Mani, here in connection with a seven-day mountain biking expedition, Hercules MTB Himachal 2011, that will be flagged off from here Saturday.
The company is also trying to increase its presence in foreign shores. “At present, we are exporting five percent bicycles out of the total turnover.”
According to Mani, the company aims to sell more than 41 lakh units this fiscal.
India is the world’s second largest cycle manufacturer after China, rolling out around 10 million units every year.
The other major players in the Indian market are Hero Cycles, Atlas Cycles and Avon Cycles.
- TI Cycles pedalling up the value chain - Mar 25, 2011
- Murugappa group plans Rs.1,000 capex in 2012-13 - May 10, 2012
- Hero Cycles forays into high-end bicycles - Feb 20, 2012
- Tube Investments seeks partner for Chinese unit - Jul 31, 2009
- Hero Cycles to launch premium bikes in November - Sep 02, 2011
- TI Cycles launches two premium bicycles - Oct 29, 2010
- BEML targeting African, Southeast Asian markets - Jan 30, 2012
- Panasonic India targets Rs.3,000 crore turnover - Dec 22, 2010
- Paes, Nicole Faria to ride in BSA Hercules India Cyclothon (With Images) - Apr 21, 2011
- Ozone Ayurvedics plans to double turnover - Nov 03, 2011
- Consolidated Construction to invest Rs.45 crore in prefab facility - May 26, 2011
- Nepal woman cyclist makes it three on the trot - Oct 08, 2011
- TI to peddle premium cycles for niche market - Jun 18, 2008
- Over 70 cyclists to rally in Himachal's mountains - Oct 14, 2010
- Tube Investments eyes Rs.500 crore revenue - Dec 07, 2011
Tags: 10 million, atlas cycles, avon, bicycles, crore, health consciousness, hercules, himachal, india ltd, lakh units, manager marketing, market share, mountain biking, murugappa group, rs 1, segment, seven day, ti cycles, tube investments, turnover