Hero Cycles buys Firefox Bikes, eyes premium bike market

Hero Cycles on Thursday said it has bought Delhi-based Firefox Bikes for an undisclosed sum to expand its presence in the country's premium cycle market.

Hero Cycles, which calls itself the world's largest bicycle maker by volume, said in a statement that the deal includes Firefox Bikes' brands, accessories and spares along with exclusive distribution rights.

However, Firefox Bikes will be a distinct brand and continue as a separate business entity post-acquisition, Hero Cycles, part of the Hero Motors group of companies, said.

Bicycle manufacturers are increasingly betting on the country's young and affluent urbanites to help establish a leisure riding culture.

India is the world's largest motorcycle market after China, but the roads are packed with cheaper models.