Buoyed by healthy growth outlook in a challenging environment, Titan Industries Ltd is going for considerable expansion by setting up one more assembly unit in Uttarakhand with an investment of Rs 50 crore and opening new stores in the country.
“We are setting up one more assembly unit at Pantnagar which will produce jewelry. The total investment in this unit is around Rs 50 crore,” said H G
Raghunath, chief executive officer (CEO) of the Titan Industries Ltd. The new unit will be commissioned in 8-12 months time, Raghunath said. This will be the fifth manufacturing unit of Titan Industries in Uttarakhand where it has already invested Rs 90-100 crore. Titan is also planning to open 20- to 25 stores this year. With over 354 exclusive stores in 133 towns, Titan is India’s largest watch retailer with presence in 32 countries.
Titan Industries, a joint venture between the Tata Group and the Tamil Nadu industrial Development Corporation (TIDCO) commenced operations in 1987 under the name Titan watches. In 1994, Titan Industries diversified into jewelry and more recently into prescription eyewear with Titan Eye+. Sales income for the year 2011-12 was Rs 8838.38 crore registering a growth of 35.5 percent over the last year.