Hero Cycles Acquires Strategic Stake HNF-Nicolai
NEW DELHI, India – To expand their footprint on the high-end European e-bike market, India’s largest bicycle producer Hero Cycles Ltd acquired a strategic stake in HNF Group. The investment is a joint project of Hero Cycles and ‘IBG Beteiligungsgesellschaft Sachsen-Anhalt mbH (IBG)’, a funding instrument of the German State of Saxony-Anhalt. Hero Cycles parent company, Hero Motors Company (HMC) is also involved in the deal. Hero Motors is a multi-billion US dollar motorcycle producer.