Titan Company on Friday announced that it has completed its exit from Montblanc India Retail Private Limited (MB India).
Consequently, MB India ceases to be an associate/ JV company of the company with effect from 12 March 2021.
Earlier in October 2020, the company had informed the exchanges regarding the ending of its joint venture with MB Services in respect of its shareholding, which was mainly driven by the Titan's consolidation strategy to focus on its primary business and proprietary brands.
Subsequently, the company exercised its put option under the joint venture agreement and accordingly its 49% holding in MB India was transferred to the purchaser on 12 March 2021.
The announcement was made after market hours on Friday, 12 March 2021. Shares of Titan Company are currently trading higher by 0.29% at Rs 1,486.85 on BSE.
Titan Company is engaged in making and selling watches, jewellery, eyewear and others. The company's retail chain (including CaratLane) stands at 1,854 stores, as on 31 December 2020 with a retail area crossing 2.4 million square feet for all its brands covering 292 towns.
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