City-based Tube Investments of India Ltd on Thursday said it has signed a definitive agreement for acquisition of two cycle companies in Sri Lanka for an undisclosed sum.

In a statement, the company said it had signed a definitive agreement for acquisition of a controlling stake in Creative Cycles (Private) Ltd and Great Cycles (Pvt) Ltd, Colombo.

Creative Cycles and Great Cycles have manufacturing facilities in the Katunayake Export Processing Zone, Colombo, with a capability to produce a wide range of bicycles, from kids to performance cycles and from steel to alloy bikes.

“With this acquisition, we will be able to grow the market for premium cycles and our market share in the premium segment even more aggressively.

“Our goal has always been to offer the finest products and experience to Indian consumers and this is one more step in that direction,” L. Ramkumar, Managing Director, Tube Investments, said in the statement.