Mumbai: Titan Industries Ltd plans to set up a lens-making plant in Bangalore with an initial investment of Rs1.20 crore, a top official said on Wednesday.
“We are foraying into lens-making with this manufacturing facility... The unit is spread across an area of 25,000 square feet and will offer prescription lenses,” managing director Bhaskar Bhat said at a press conference in Mumbai.
The plant will produce about 500 units a day under two brands, Signature and Activ, he said.
“The brands will offer customised eye wear and have been priced at Rs40,000-45,000 a pair under the Signature brand and Rs10,000-15,000 a pair under the Activ brand,” Ravi Kant, chief operating officer, eyewear business, said
Titan Industries sells eyewear under its brand ‘Titan Eye´ and also sells watches and jewellery.
The firm also plans to set up 137-140 ‘Titan Eye´ stores in FY11 from the current 80 outlets, Bhat said.
It had earmarked a capital expenditure of Rs1500 crore in the current fiscal to expand its manufacturing facilities.
Bhat also said the firm expects revenues of Rs7.50 crore in FY11 from its eyewear business, up from Rs5 crore in FY10.
In the current fiscal Titan expects overall topline to grow at 20-25%, in line with last fiscal, driven by robust performance in its watch and jewellery business.
The firm reported a 57% jump in FY10 profit to Rs250 crore as revenue rose 23% to Rs4674 crore.
Shares of the firm ended up 0.16% at Rs2,208.05 in a flat Mumbai market.