CHENNAI: Country's largest bicycle manufacturer TI Cycles, part of the $3.2 billion Murugappa Group , would invest Rs 10 crore in manufacturing India's first indigenously carbon-made bicycles Montra, a top company official said on Thursday.

Besides, the company would also rope in popular formula Indian race car driver Karun Chandhok as part of promoting the new range of bicycles in the country, TI Cycles India President D Raghuram said. "We have roped in Karun Chandhok...we will be making an announcement soon...", he said.

"He is the face of speed and youth...", he said on the reasons for selecting Karun. TI Cycles, which ventured into the mass premium bicycles unrder the name 'Riders and Roadios' last year, introduced the globally manufactured bicycles GT, Cannondale. These bicycles were introduced into Indian market as imported ones and TI Cycles is the authorised sole distributor in the country.

However, from their manufacturing facilities in India, the company has indigeneously developed super premium bicycles made of carbon and alloys titled 'Montra'. After unveiling the carbon bicycles aimed at urban adults, Raghuram told reporters here the company has spent nearly 3,000 man hours on manufacturing these new range of bicycles.

They would be manufactured in India at their Ambattur manufacturing facility and the company has invested close to Rs 10 crore. "We intend to sell around 1,200-1,500 Montra bikes in 2011-12...Investments come in terms of creating skills, manual works... the bikes will be available soon in al the TI Cycles retail outlets," he said.