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Tube Investments of India on Thursday entered into separate shareholders’ agreements with Shuyuan Gan, promoter and 100 per cent shareholder of Great Cycles (Private) Ltd and Creative Cycles (Private) Ltd — both Colombo-based (Sri Lanka) companies. It will acquire 80 per cent of the issued and subscribed share capital of the two companies for $3.34 million. Investors of Tube Investments will closely monitor the development.
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