Titan plans capital expansion

DUBAI - Titan Industries, a leading Watch and Jewellery manufacturer has plans to expand its capital base during the next financial year begining April this year. “The company’s current debet equity ration is 2.7:1, meaning the the debt almost three times the capital. There is a consensus to expand the capital which is likely to happen some time during the course of the year.” said Bhaskar Bhat, Managing Director of Titan Industries.

By A Staff Reporter

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Published: Thu 26 Feb 2004, 12:03 PM

Last updated: Wed 1 Apr 2015, 11:55 PM

Titan International has reported more than 10 per cent sales growth in the AGCC region. “In the AGCC markets in the sales growth has been in the region of 8 to 12 per cent with a relatively high growth in the jewellery sales,” said Ravi Kant, managing director of Titan International.

Currently Titan has presence in all the AGCC markets with market leadership in watch sales in Oman. “We are the leading brand in Oman and is among the top five brands in the UAE. Our partnership with Damas has helped us to expand our presence in the jewellery business,” Bhat added.

As part of its international expansion, Titan has announced its entry into Kazakhstan, Nigeria and Iraq. The new expansion is scheduled for April - May this year.

In its pure gold jewellery portfolio, the company plans to add diamond jewellery by April this year. Currently, jewellery business accounts for more than 50 per cent of Titan Middle East’s business, while it contributes 30 per cent of its global turnover. While the company’s jewellery business in India is running at full capacity utilisation, part of its requirements are outsourced from third party manufacturing units.

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