Published On:March 4 2015
Story Viewed 2097 Times
Titan starts operations at Coimbatore plant.
Titan Co. Ltd, India’s largest watch maker, recently said that it has started manufacturing at its Rs.75 crore Coimbatore plant in Tamil Nadu to make 2 million stainless steel watch cases in three years to reduce reliance on imports and vendors.
Titan makes 7.5 million cases at its own manufacturing facilities, outsourcing the remaining 7 million plus cases to vendors or importers.
The plant will help the watchmaker cater to demand for high-end watches that it anticipates over the next few years, said top executives at the company.
'This will help fulfil demand for watches that we will see emerge over the next few years specially for the more premium to high end pieces,' managing director Bhaskar Bhat said over the phone.
Local manufacturing is also likely to bring down costs for the watch maker, that sells close to 15 million watches every year under the Sonata and Fastrack brands.
'This will help in slight import substitution,' Bhat said.
The company's move is aimed at reducing dependence on imported parts for its watches, as it seeks to 'make more' in India, joining a growing group of companies that are following the current government's efforts to spur domestic manufacturing.
'Titan has been proudly Making in India since inception in all our businesses and the commencement of production of world-class stainless steel cases is a part of this journey,' Bhat added.
The company that also sells jewellery under the Tanishq brand closed 2013-14 with an income of Rs.10,815.08 crore, registering a growth of 8.1% over the previous year. Titan is the sixth largest manufacturer of watches globally with a factory in Hosur and three assembly units in northern India.