Tube Investments of India has entered into a 50-50 Joint Venture with Absolute Speciality Foods Chennai to open Bicycle cafes in select locations in India, to be operated under the brand name Ciclo Cafe.
Under this Joint Venture agreement between Tube Investments of India and Absolute Specialties, this Ciclo Cafe brand is now slated for expansion into two other metros Gurgaon and Hyderabad by the end of FY 2016-17 and will look for opportunities to open in other cities.
Tube Investments of India is the flagship company of the Murugappa Group with multiple businesses ranging from diversified auto-ancillary products, bicycle retailing to financial services and insurance.
