Tube Investment of India to open bicycle cafes
DSIJ Intelligence / 16 Sep 2016
Tube Investments of India (TIIL) has entered into a Joint Venture with a Chennai based Absolute Speciality Foods (ASFL) to open a chain of bicycle cafes with the brand name Ciclo Cafe.
Tube Investments of India (TIIL) has entered into a Joint Venture with a Chennai based Absolute Speciality Foods (ASFL) to open a chain of bicycle cafes with the brand name Ciclo Cafe. Under this joint venture agreement, the Ciclo Cafe brand is scheduled for expansion into Gurgaon and Hyderabad by the end of FY17 and will look for opportunities to open in other cities.
Ciclo Cafe, a popular brand name in hospitality and cycling circuits, was launched in Chennai in March 2015. In the present operations of the Ciclo Café outlet in Chennai, TIIL owns and operates the bicycles business and ASFL owns and operates the café F&B business. This would also become part of the Joint venture company.
According to company’s management, cycling has emerged a popular leisure and recreational activity in India. They believe this initiative will provide discerning patrons and cycling aficionados the platform to enjoy their love for this sport.
The share price of TIIL increased by 2.82 per cent on bourses in early trades and is trading at Rs 600 on intraday basis.
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