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Titan Company Ltd. Company History and Annual Growth Details

1984

- The Company was Incorporated on 26th July, at Chennai. The
Manufacture analog electronic watches with a choice of over 150
designs. The company was promoted jointly by Questar Investments,
Ltd., a Tata Company with its associates Tata Sons, Ltd., and Tata
Press, Ltd., and Tamil Nadu Industrial Development Corporation, Ltd.
(TIDCO). The main objective of the company is to manufacture analog
electronic watches with a choice of over 150 designs.

- The Company undertook to set up a plant for the manufacture of quartz
analog electronic watches in the State Industries Promotion Corporation
of Tamil Nadu, Ltd. Industrial area at Hosur.

- The Company entered into a collaboration agreement with France
Ebauches (FE) of France, manufacturers of watch movements and
components, for technical documentation, assistance in procurement of
manufacturing equipments, raw materials, etc.

- The Company proposed to manufacture 2 million digital and ana-digi
watches in collaboration with Casio Computer Company of Japan. A MOU
was signed between the Company and Casio in November, 1986.

1987

- The Company established a manufacturing facility at Hosur for the
manufacture of components for watches.

- In April the Company also issued 5,25,000 - 13.5% secured redeemable
partly convertible debentures of Rs 300 each for cash at par. The
debentures were allotted on preferential basis: (i) 26,250 debentures
to employees/workers of the Company and associate companies (ii) 52,500
debentures to shareholders of Tata Press Ltd. and (iii) 1,31,250
debentures to NRIs on repatriation basis. The remaining 3,04,500
debentures along with the unsubscribed portion of 78,900 debentures
from the preferential quota were offered for public subscription during
April. Additional 1,31,250 debentures were allotted to retain
over-subscription.

- The convertible portion of Rs 100 of the face value of each debenture
was converted into 10 equity shares of Rs 10 each at the end of three
months from the date of allotment of debentures (65,62,500 equity
shares were allotted accordingly).

- The non-convertible portion of Rs 200 of the face value of each
debenture was to be redeemed at par at the end of the 10 years from the
date of allotment of debentures.

1989

- A new range of watches called 'Aqura' was launched in December.

- The case plant at Hosur was commissioned. The plant was to produce
1.5 million watch cases. The project cost was financed partly through
internal resources and largely through borrowings from IFC, Washington
and the Tamil Nadu Industrial Development Corporation, Ltd.

- The Company set up a satellite case plant at Dehra Dun in Uttar
Pradesh with a capacity of 5,00,000 watch cases per annum to improve
operating efficiency and reduce costs.

- During August, the Company issued 2,52,000 - 12.5% convertible
debentures of Rs 500 each as follows: (i) 2,40,000 debentures on rights
basis in the proportion 1 debenture: 100 equity shares held and (ii)
12,000 debentures to employees/workers of the Company on an equitable
basis. A total of 2,84,455 debentures were allotted under this issue
including retention of oversubscription.

- Part 'A' of each debenture of face value of Rs 100 was compulsorily
and automatically converted into 10 equity shares of Rs 10 each at par
on expiry of six months from the date of allotment of debentures.

- Part 'B' of each debenture of the face value of Rs 200 was converted
into 4 equity shares of Rs 10 each at a premium of Rs 50 per share on
1.10.92.

- Part 'C' the non-convertible portion of each debenture of face value
of Rs 200 was to be redeemed at par at the end of the 10th year from
the date of allotment of debentures.

- The proceeds of the issue were to be utilised to meet a part of the
fund requirement of the company's project to manufacture watch cases
and other critical components inhouse.

- The Company proposed to offer 40,26,700-12.5% fully convertible
debentures of Rs 100 each on Rights basis in the proportion 2 debs: 20
equity shares held. Another 2,012,340 - 12.5% debentures were to be
issued to the employees' on an equitable basis.

- Rs 40 of the face value of each debenture was to be converted into 1
equity share of Rs 10 each at a premium of Rs 30 per share on or before
30th September, 1995.

- Rs 60 of the face value of each debenture was to be converted into 1
equity share of Rs 10 each at a premium not exceeding Rs 50 per share
on or before 30th September, 1996.

1991

- A joint venture Company along with Economic Development Council of
Goa, Daman & Diu Ltd., in the name of Titan Time Products, Ltd., was
set up at Goa, for the manufacture of Electronic Circuit Blocks.

- The company undertook to set up a jewellery business at Hosur. The
jewellery repertoire was to include both daily-wear jewellery and
luxury products.

- Grant Walker, a U.K. based firm, was to provide the necessary
consultancy services and the marketing was to be undertaken worldwide
through an offshore company controlled by Titan Watches Ltd., with its
mainbase in London.

- The Company along with other Tata Associates were to participate in
the equity of Timex, who were to offer equity shares of Rs 10 each at a
premium of Rs 40 per share. It was also proposed to make a Partly
convertible debenture of nearly Rs 60 crores.

1992

- Over 150 new models were introduced of which 'Raga' introduced in
June, 'Spectra' a range of watches in steel and gold plated was
reintroduced with a new look in August. It was proposed to introduce a
host of new products based on new movements.

- It was also proposed to sell the brand name 'Aqura' and the right to
make Aqura products to Timex, with a view to move up market.

- With a view to streamling the Company's international operations, it
was decided to set up a wholly owned subsidiary 'Titan Holdings BV' in
Netherlands. Approval was received for investment of share capital of
2 million U.S. $ in that Company.

- Titan Time Products, Ltd., is a joint sector project set up with the
Economic Development Council of Goa, Daman and Diu.

- Titan Properties Ltd., was incorporated to undertake land development
and housing scheme for the Company's employees at Hosur.

- The Company issued 134,22,300 Rights equity shares of Rs 10 each for
cash at a premium of Rs 40 per share in the proportion 1:2 (all were
taken up).

- Another 5,69,000 No. of equity shares of Rs 10 each were issued at a
premium of Rs 40 per share in proportion 2 shares: 1 debenture held to
Part B holders of 12.5%. Convertible debentures issued in 1989. (all
were taken up).

- 6,99,600 No. of equity shares of Rs 10 each were offered at a premium
of Rs 40 per share to employees of the Company and those of promoter
companies on an equitable basis (only 3,02,600 shares taken up).

1993

- The name of the Company was changed with effect from 21st Sept. from
Titan Watches, Ltd. to Titan Industries Ltd., in view of the fact that
the Company's products consisted of not only watches but also
jewellery.

1994

- The Company introduced 'Tanishq' range of watches made of 18 carat
gold and studded with precious stones. A new range of watch 'Insignia'
manufactured for the European market likely to be introduced in the
domestic market.

- The Company proposed to expand the watch manufacturing to 5 million
pieces by adding some balancing equipment and productivity devices in
the component manufacturing plants.

- The Company proposed to establish new facilities for the manufacture
of table clocks with a capacity of 1.5 million pieces per annum. New
facilities were also being established for the manufacture of complex
integrated metal bracelets with a capacity of 1.2 million bracelets
with technical assistance from a reputed manufacturer in Japan.

- A new Company was established in Singapore to market products in
South and South East Asian countries.

1995

- The Company proposed to set up a joint venture company with Hour
Glass of Singapore to set up watch boutiques in leading Indian cities
for the sale of luxury watches and also be responsible for wholesale
and after-sales operations.

1996

- The Company has introduced new economy range of watches called
'Sonata' and Tanistiq's 22 Karat ethnic Jewellery during the year.

- 23,00,000 Pref. shares issued on private placement basis.

1998

- 3.5%, 14% and 12% redeemable cumulative preference shares has been
fully redeemed.

- The Company now has 102 exclusive Titan Showrooms and a chain of 83
Timezone outlets in addition to being present in over 5400 dealer
outlets in 1300 towns and cities across the country.

- Mr A C Mukherji and Mr T K Balaji retire by rotation and are eligible
for reappointment.

- During the year, the Tamilnadu Industrial Development Corporation
(TIDCO) nominated Mr R Gopalan, their Chairman and Managing Director.

- The Research & Development Group has developed a slim movement with
date which has been introduced in the market.

2000

- Titan Industries has announced the launch of Cyber, a range of
digital clocks.

- ICRA has withdrawn the A1+ rating assigned to the Rs 15 crore CP
programme of the company as there is no outstanding against the
instrument.

- Titan Industries has been conferred the award for excellence in
electronics for the year 1998 by the ministry of information technology
(MIT).

- Titan has launched a new 'Style at Work' collection under its
Classique range.

- Tanishq, the jewellery division of Titan Industries Ltd, has opened
its second showroom in Kerala.

- Pizza Hut has introduced baarah nahi toh tera, a new deal in which a
customer who orders a 'speed lunch' gets it in 12 minutes, or gets it
free. As part of the offer, Pizza Hut has entered into a tie-up with
Titan, through which a Titan Fast-track watch will be displayed on
every table to mark the 12 minute countdown.

- Titan Industries' jewellery arm Tanishq is getting into an memorandum
of understading with Canara Bank and Corporation Bank to convert gold
articles into slabs.

- Titan Industries is considering launching a 'third brand' for the
upper end.

- Titan Industries unveiled a new range of wrist-watches, called the
Classique range, for Corporate Executives.

- Titan Industries has announced a new range of Fastrack watches for
young women in the city

2001

- Titan Industries Ltd. has launched three new collections of its
popular Dash brand of watches for kids -- Popeye, Digital and
Lumibrite.

- Titan Industries on June 27 reported its profit rose 21.8 per cent in
the past year to March, reflecting strong sales growth by its jewellery
division.

2002

- Titan Industries Ltd informs that the Board of Directors have
appointed Mr. V.K.Jeyakodi, IAS, Executive Director, Tamil Industrial
Development Corporation Ltd as a Director of the Company, in place of
Mr. Hemant Kumar Sinha who has resigned.

- Titan Industries Ltd informs that Mr Bhaskar Bhat is
appointed as Managing Director of the Company.Mr Bhaskar Bhat succeeds
Mr Xerxes Desai who steps down as Managing Director on March 31, 2002,
at the end of his tenure.

-Titan Industries Ltd, the Board of Directors have appointed Mr M Kalaivanan, appointment in place of Mr V K Jeyakodi who has resigned from the Board on March 27, 2002.The Board of Directors have also appointed Mr Krishnadas Nair as an additional independent Director on the Board of the Company effective May 02, 2002.

- At the Board meeting of Titan Industries Ltd held today (June 26, 2002), the Board of Directors noted and accepted the resignation of Mr A Gowrishankar as Chairman and Director and Mr M Kalaivanan as a Director, both of them were nominee directors of TamilNadu Industrial Development Corporation Ltd (Tidco) The Directors have also approved the appointment of Dr R Vijaykumar as a Nominee Director of Tidco in place of Mr M Kalaivanan.

- Titan Industries Ltd decides that it would be in the long-term interest of the company to rationalise its manpower and to improve productivity. With a view to achieve this objective and keeping the best interests of both employees and the company in mind the company has decided to introduce a Voluntary Retirement Scheme to its permanent employees. The scheme has been notified today July 25, 2002 to the employees of the company.

-Arun Kumar appointed as Director & Chairman of Titan Industries.

2003

-Tanishq steps into a new segment Silverware. The silverware range has been designed by Michael Folly, the designer for Titan. We have introduced silverware in all metros, said YL Saroja, group manager, sales and marketing, Tanishq. This is a Rs 5,000 crore market and has few organised and branded players.

-Management decided to declare partial lock-out at the company's manufacturing facilities
at Hosur.

-Floats towards automotive and aerospace precision mechatronics for aviation and auto
tools.

-Mr Jacob Kurian, Chief Operating Officer gives his resignation to the company.

-Soldbusiness of publishing Readers Digest Magazine for a lumpsum consideration of Rs 150 million to Living Media India ltd.

2004

-GVM International Ltd., a licensee of Tommy Hilfiger Licensing Inc (a wholly-owned subsidiary of Tommy Hilfiger Corporation), and a member of the Murjani Group, enters into an exclusive sub-licensing agreement with Titan Industries Ltd to market and distribute Tommy Hilfiger watches in the country

-Relaunches 'Raga', the women's watch range

-Titan has announced the launch of a new collection of women's watches called 'Raga Miniatures'. Small and delicate in size the watches bracelets in 15 varieties of gold and steel and is priced at Rs 2995 onwards.

-Titan Industries Ltd announced the launch of the customer service 'Original Spares' logo

-Titan has announced the launch of Raga 9 to 5 collection of watches aimed at working women. The collection comprises around 40 designs and is targeted at women in the age group of 25 to 45. The new range is available at a price ranging from Rs 1650 to Rs 5000.

-Titan Industries on June 18, 2004, announced the launch of the Tommy Hilfiger watch collection in India. Titan has entered into an exclusive sub-licensing arrangement with GVM International Ltd, a member of the Murjani Group, for the marketing and distribution of Tommy Hilfiger watches in India

-Watch and jewellery manufacturer Titan Industries forayed into the fashion accesssories industry with the launch of sunglasses, a Rs 330-crore market

-Rolls out new range of designer eyewear in Chennai

-Titan Industries on July 22, 2004, launched the Flip collection - a dual-faced watch that incorporates two watch movements embedded in a single case

-Titan rolls out new range of jewellery watches under the 'Nebula' brand

-Titan Industries launches Crown Collection watches

-Titan partners with LVMH Group

-Titan Industries launches Cal Track

2005

-Titan re-introduces Fastrack range of watches

-Titan introduces new gold & steel collection in Coimbatore

-Titan rolls out bi-metal range of watches in Vizag

-Titan launches multiple watches under Raga coordinate range

2006

-Titan Industries Ltd has informed that Mr. Harish Bhat is being appointed as Chief Operating Officer (COO) - Watches and Licensing & Accessories Division of the Company.

-Titan to set up Tanishq exclusive stores in US

-Titan Industries unveils Xylys watche

-Titan Ind sets up boutique in Banjara Hills

2007

-Titan Industries Ltd has informed that Mr. Sunil Paliwal, IAS, Executive Director, Tamilnadu Industrial Development Corporation Ltd (TIDCO) has been inducted as an Additional Director in the Board of the Company with effect from February 26, 2007.

- Titan Industries Ltd has informed that the Board of Directors of the Company at its meeting held on October 29, 2007, inter alia, has appointed Mr. Kumar Jayant, IAS, nominee Director, Tamilnadu Industrial Development Corporation Ltd as an Additional Director in the Board of the Company with effect from October 29, 2007.

Mr. Sunil Paliwal, IAS, nominee Director, Tamilnadu Industrial Development Corporation Ltd has resigned as Director of the Company.

2008

-TIL ties up with Sankara Nethralaya

2009

- Titan Industries Ltd has appointed Mrs. Anita Praveen, IAS, Chairperson & Managing Director of Tamilnadu Industrial Development Corporation Ltd (TIDCO) as an Additional Director of the Company with effect from June 01, 2009.
 
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