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Hero Cycles has acquired majority stake in the UK-based cycle distributor Avocet Sports Ltd to mark its entry into the high-value cycle market in Europe, the company said in a statement.
Based in Manchester, Avocet has retail relationships with leading retailers such as Tesco, Halfords, ASDA, Shop Direct, Amazon, and so on. Its leading brands include Viking, Coyote, Rooster, Ryedale, Lectro, Concept and Riddick. Pankaj Munjal, Chairman and MD, said: “This acquisition marks our entry into the European market and plays an important role in realising our ambition of becoming one of its key players.”
Hero Cycles Ltd has a manufacturing capacity of 7.5 million bicycles per year, with its manufacturing units in Ludhiana (Punjab), Bihta (Bihar) and Ghaziabad (Uttar Pradesh). It exports to Africa, Asia and Europe.
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