Shimla, 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.
