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Hot Pursuit
29-Jun-24
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Titan signs JV agreement with Rhythm Jewelry
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Titan Company has executed a joint venture agreement (JVA) with Rhythm Jewelry for establishing a joint venture company in Bangladesh with the objective of manufacturing, marketing and retailing of jewellery products in Bangladesh.
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Upon incorporation, Titan will subscribe to 76,000 shares (representing 76% ownership), and Rhythm Jewelry will subscribe to 24,000 shares (representing 24% ownership) with a face value of BDT 100 per share. The subscription can occur in one or more tranches.
There shall be 4 directors on the board of the joint venture company. Titan will have the right to nominate 3 directors and Rhythm shall have the right to nominate 1 director. The Chairman of the joint venture company shall be amongst the directors nominated by Titan.
Titan Company, a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO), commenced its operations in 1987 under the name Titan Watches. In 1994, Titan diversified into Jewellery (Tanishq) and subsequently into EyeCare.
The company’s standalone net profit tumbled 24.42% to Rs 786 crore on 22.18% decrease in revenue from operations to Rs 10,047 crore for Q4 FY24 over Q3 FY24.
The scrip rose 0.76% to end at Rs 3,406.10 on Friday, 28 June 2024.
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