Titan has appointed three directors, including its Managing Director Bhaskar Bhat, on the board of its new joint venture (JV) with Maison Montblanc which will carry out single brand retail trading of Montblanc’s products in India.
The other two directors are Titan Co-CEO of Watches and Accessories Division S Ravi Kant and Independent Director Ireen Vittal.
The appointment is as per the agreement between the two partners, under which Titan has the right to appoint three out of six directors, the company said in a BSE filing.
The JV has “equity participation pursuant to FIPB approval in the ratio of 51:49 by Montblanc Services BV and Titan Co Ltd, respectively”, it added.
The equity share capital of the JV company after allotment on December 5, 2015 is Rs. 41.50 crore comprising 4.15 crore shares of Rs.10 each, Titan said.
Montblanc, which is re-entering India will open five boutiques in the next three months in Mumbai, Delhi, Hyderabad and Pune through the joint venture.
In December, two boutiques would be opened at Palladium Mall in Mumbai and Taj Mahal Hotel in Delhi, which would have collections of Maison’s innovative writing instruments, fine jewellery for men and women and artisanal leather goods.
Titan would operate a dedicated customer service centre to ensure convenience and service for clients in India.
Titan is a joint venture between the Tata group and the Tamil Nadu Industrial Development Corporation.
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