New Delhi: Titan Industries Ltd, country's largest watch manufacturer and leading branded jewellery company, is planning to invest Rs 40 crore in the next five years on its retail expansion.
"Each year we spend about Rs 8 crore for our retail expansion. We have plans to set up about 150 exclusive retail outlets in the next five years," Titan Industries Ltd Chief Operating Officer, Bijou Kurien said in Delhi.
He added that the company was targeting at about 25 retail outlets a year. The company has about 175 exclusive retail outlets in around 100 cities across the country.
Kurien said the company was looking at setting up new facilities and increasing its working capital.
"We have announced plans for a preferential convertible debentures issue for Rs 127 crore for finding such activities," he added.
Titan, which recorded a turnover of Rs 1,135 crore in 2004-05 is eyeing to Rs 1,500 crore in the current fiscal, with the aim of becoming a Rs 4,000 crore company in next five years.
Kurien said going forward the company expected its watches and jewellery business to contribute equally to its revenue.
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