30 May 2018 10:03 am
Indian Express: With zero customs duty on exports to India and Europe from Sri Lanka, Hero Cycles is planning to increase its stake in its Colombo-based bicycle unit this quarter.
Hero cycles — world’s largest bicycle manufacturer — had purchased 60 percent stake in BSH Ventures in April 2016.
Hero Cycles Chairman and Managing Director Pankaj Munjal said, “This plant is strategically located to cater to the Europe and Indian markets and the plant acquisition is one of the many steps to expand Hero’s presence globally.”
While exporting to Europe from India invites a custom duty of 12-14 percent, Sri Lanka has a special status for exporting to India and Europe at zero duty.
BSH Ventures is an export-oriented firm located in the Biyagama Export Zone of the island nation.