Hero Cycles acquires 60% stake in Sri Lanka’s BSH Ventures
Hero Cycles on Wednesday announced picking up of 60 per cent stake in Sri Lankan bicycle manufacturer BSH Ventures, its third major acquisition within six months, for an undisclosed sum. "The acquisition comes in line with the company's aggressive intent to strengthen its global presence and to spruce up its manufacturing proficiency to feed a rapidly rising global demand," Hero Cycles said in a statement.
"This is a major strategic acquisition for us as we work to expand our presence globally both in terms of sales as well as presence," Hero Cycles CMD Pankaj Munjal said. Hero Cycles will further invest into ramping up the plant capacity in Sri Lanka to half a million units per year with clear plans laid out to fuel the domestic as well as ever growing global demand, he added.