The Tata Group company on Friday announced that its subsidiary, Titan Holdings International FZCO, had incorporated a wholly owned subsidiary, Titan International QFZ LLC, in Qatar.
The newly incorporated company has become a step down subsidiary of the company effective from 1 December 2022.
Titan International will carry on the business of lifestyle products. Titan Holdings will subscribe to the share capital of QAR 100,000, which is 100% of the share capital of Titan International.
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.
Over the last three decades, Titan has expanded into underpenetrated markets and created lifestyle brands across different product categories including fragrances (SKINN), accessories and Indian dress wear (Taneira).
The company's consolidated net profit surged 33.7% to Rs 857 crore on 17.53% rise in revenue from operations to Rs 8,134 crore in Q2 FY23 over Q2 FY22.
Shares of Titan Company were down 0.82% to settle at Rs 2,617.40 on Friday, 2 December 2022.
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