Titan may spin off engg division into JV firm

Titan Industries, the Rs 4,000-crore watches and jewellery retailer, may look at spinning off its precision engineering division into a joint venture company. The division has a top line of around Rs 75 crore.

Titan Industries M D Bhaskar Bhat said the option to spin-off the precision engineering division into a JV is a possibility, which the firm may look at a later stage. “This division is humming well and we haven’t yet decided on the various options before us,” he added.

The company, jointly owned by the Tata Group and the Tamil Nadu Industrial Development Corporation, had started the precision engineering division in 2002 and has been growing its business steadily building up a wide array of clients in the automotive and aerospace industries. This division is also starting to build its expertise in the medical equipment sector.

Industry sources indicate that this possibility of looking at a JV will be driven by access to technology. The precision engineering division has a client list, including the likes of Delphi, Bosch and others.