New Delhi, Jan 21 (UNI) Titan Industries Ltd today said its board has approved the buy-out of minority interest in three domestic firms -- Samrat Holdings Ltd, Questar Investments Ltd and Titan Holdings -- for Rs 21.90 crore.
The jewellery and watch retailer is the country's leading manufacturer of watches and jewellery and the world's sixth largest manufacturer brand of watches.
The company said in a statement that the Board has approved the buy-out of the minority interest, in lieu of the swap ratio in exchange of shares for the consideration in these firms, at an aggregate value not exceeding Rs 21.90 crore, exclusive of stamp duty and other charges, as may be applicable.
Set up in 1984 as a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation, the company transformed the Indian watch market, offering quartz technology with international styling, manufactured at its factory at Hosur in Tamil Nadu.
In 1995, the company diversified into jewellery under the brand Tanishq, the country's largest and fastest growing jewellery brand.
Tanishq has 75 boutiques in 55 cities across the country with a premium range of gold jewellery studded with diamonds or coloured gems and a wide range in 22 kt pure gold.
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