Hero Cycles buys Firefox Bikes for Rs150 crore
Hero Cycles, the world’s largest bicycle maker, on Thursday announced the acquisition of Firefox Bikes Pvt. Ltd as it seeks to tap the potentially lucrative market for premium cycles. While Hero did not disclose the size of the deal, people with knowledge of the matter said it had paid Rs.150 crore in an all-cash deal, which happens to be the largest transaction in a shrinking bicycle market beset by an influx of Chinese and Taiwanese brands. In a statement, Pankaj Munjal, managing director of Hero Cycles, said the acquisition will help the company expand its presence in all major categories of bicycles in India.