Pankaj Munjal, Co-chairman, Hero Cycles, posing with Hero Octane premium cycle (IndianAutosBlog)

India: On a spree to expand its base and boost the ever-increasing demand for high-end bicycles, world’s largest bicycle manufacturer Hero Cycles is set to acquire a Sri Lankan bicycle manufacturing company.

“Sources said all the formalities were almost complete and an official announcement would be made as soon as the chairman-cum-managing director (CMD) of Hero Cycles Pankaj Munjal visits Sri Lanka to seal the deal. Through this acquisition, the group is eyeing to expand its existing network in Sri Lanka. At the same time, it would have easier access to the economies within close proximity of the island nation,” The Times of India reported today.

Hero Cycles had acquired Delhi-based Firefox Bikes Pvt Ltd, which deals in high-end bicycles, in September.

“Though top officials in Hero Cycles are tight-lipped about the name of the Sri Lankan company and the size of the deal, sources said the company was among the top manufacturers of cycles in Sri Lanka and deals in high-end cycles too,” the report said.

Hero Cycles is a sister company of Hero Motocorp, the World’s single largest two–wheeler motorcycle company.