NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News  » Business » Titan to enter Indonesia, expand in India

Titan to enter Indonesia, expand in India

March 18, 2011 17:31 IST
Tata Group firm Titan Industries Ltd on Friday said it will enter Indonesia by July as part of overseas expansion plans, besides enhancing domestic retail presence by setting up about 250 new stores in next fiscal.

"We are exploring Indonesia. Currently, talks are going on to appoint a local partner in the country. By July this year, the company will start selling Titan watches there," said Titan Industries Managing Director Bhaskar Bhat.

He said the company is looking to expand in the global markets but it would be restricted to its Titan brand of watches. It is not looking for international expansion of brands such as the Fastrack eyewear and accessories and Tanishq jewellery.

TIL currently has presence in 31 countries across the globe.

Commenting on domestic retail expansion within India, Bhat said the company currently operates over 650 outlets along with franchisees for watches, jewellery and eyewear brands.

"In the next fiscal the plan is to open 200 to 250 new outlets across India. Around 100 outlets will be for Titan Eye, and the rest will be a mix of Tanishq, Sonata and Fastrack outlets," he said without giving investment details.

On Friday, the company opened a 5,000 square feet store in the capital that will sell 30 watch brands.

The new store includes Titan's flagship store format as well as Helios, TIL's multi-brand watch format.

In 2009-10 fiscal, TIL had registered a turnover of Rs. 4,675 crore, and expects to close the current fiscal with a 25 per cent growth.

"We are likely to grow at 25 per cent in this fiscal over the last year," he added.

The company sells over 12 million watches per annum and has manufacturing and assembly operations at Horsier, Dehradun, Roorkee and Baddi in and Goa.

TIL has recently announced amalgamation of Tanishq India, the wholly-owned subsidiary with itself.

The company, however, does not plan to merge its other subsidiaries - Time Products and Titan Properties with TIL.

"Time Products and Titan Properties are operating subsidiaries and there is no plan to merge them with TIL," Bhat added.

The company's shares closed at Rs. 3,461 apiece, down 2.68 per cent from the previous close on the Bombay Stock Exchange.

© Copyright 2018 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.