TII enters into Joint Venture with Absolute Speciality to open Bicycle cafés in India
Tube Investments of IndiaLtd (whose unit TI Cycles is a leading bicycle maker in India) has entered into a 50-50 Joint Venture with Chennai-based Absolute Speciality Foods Chennai Pvt Ltd to open Bicycle cafés in select locations in India, to be operated under the brand name Ciclo Café.
The JV agreement was signed today in Chennai by Mr. MM Murugappan (Chairman of Tube Investments of India) and Mr. Ashish R Thadani (CEO, Absolute Specialties). Speaking on the occasion, Mr. MM Murugappan said “Cycling has emerged as a popular leisure and recreational activity in India, and is gaining great popularity very fast. We believe this initiative will provide discerning patrons and cycling aficionados the platform to enjoy their love for this sport”. Mr. Ashish R Thadani added, “Ciclo Cafe 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 is a popular brand name in hospitality and cycling circuits. Inaugurated in Chennai inMarch 2015 to serve as a hub for cycling enthusiasts in the city with top-class lifestyle facilities for both cycling (sales and service of premium bicycles, merchandise and accessories, expert advice on cycling, special rides etc.) and hospitality (premium F&B services with international cuisines), the outlet has already earned great popularity amongst cycling enthusiasts, foodies and the media alike – it was voted amongst the top 10 new concept destinations in India by NDTV, and also amongst the top 11 global cafes by India Times, in addition to being featured in several top lifestyle publications.
In the present operations of the Ciclo Café outlet in Chennai, TII 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 Tube Investments of India and Absolute Specialties, this Ciclo Café 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.