Tube Investments of India Ltd has entered into a 50-50 Joint Venture with Absolute Speciality Foods Chennai Pvt Ltd to open a chain of bicycle cafés with the brand name Ciclo Café.

According to a press release from TI, the agreement was signed today by M M Murugappan, Chairman, Tube Investments and Ashish R Thadani, CEO, Absolute Specialties. TI Cycles, a unit of Tube Investments is a leading manufacturer of bicycles.

Murugappan said in the release, “cycling has emerged a popular leisure and recreational activity in India. We believe this initiative will provide discerning patrons and cycling aficionados the platform to enjoy their love for this sport”.

Thadani added: “Ciclo Café brings cycling enthusiasts together, as a platform for taking their interest in this exhilarating sport further, and to enjoy the taste of local and international cuisines in an atmosphere that is unique not only for the connoisseur of good food but also for the lovers of sport.”

Ciclo Café, a popular brand name in hospitality and cycling circuits, was launched in Chennai in March 2015 as a hub for cycling enthusiasts in the city with top-class lifestyle facilities for sales and service of premium bicycles, merchandise and accessories, expert advice on cycling, special rides along with hospitality. In the present operations of the Ciclo Café outlet in Chennai, TII, the Murugappa group company, owns and operates the bicycles business and Absolute Speciality owns and operates the café F&B business. This would also become part of the Joint venture company.

Under this joint venture agreement between TII and Absolute Specialties, the Ciclo Café brand is slated for expansion into Gurgaon and Hyderabad by the end of FY 2016-17 and will look for opportunities to open in other cities.

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