| exploring new horizons: Bhaskar Bhat, managing director of Titan Industries, in Calcutta on Saturday. Picture by Kishor Roy Chowdhury
Calcutta, Dec. 21: Titan Industries Ltd said its jewellery business has been buoyant and it now plans to enter leather accessories and sunglasses segments.
“We are exploring areas of leather accessories and sunglasses. The market survey in this regard has been positive,” Titan Industries managing director Bhaskar Bhat said here at the relaunch of the Titan showroom.
He said the watch division, having 50 per cent of the market share in India, would increase production capacity from the present 7 million units.
The company has in mind Mumbai and Bangalore for starting its leather accessories and sunglasses business. “We will fan out to other cities on the basis of performance in Mumbai and Bangalore.”
Recording a total turnover of Rs 750 crore, including Rs 268 crore in jewelleries production in the last fiscal, Titan Industries registered a rise in its exports to 32 countries in West Asia, Far East and some European countries.
“We are looking forward to expand our market in the African nations,” Bhat said.
The company’s exports, accounting for 8 per cent of the turnover, mainly jewelleries, had found buyers primarily in Dubai, Bahrain, Saudi Arabia, Qatar and Oman, in particular. “Exports account for 8 per cent of the total turnover. Our jewellery segment has established itself in West Asia,” said Bhatt.
Meanwhile, the company plans to infuse new equity worth Rs 60 crore to write off debts. The funding will be either through rights or preferential issue or new equity brought in by existing partners.
TIL is a joint venture between Tata Group and Tamil Nadu Industrial Development Corporation. It commands a 50 per cent share in the domestic watch market.
The Rs 700-crore company manufactures over 7 million watches annually.