Titan Industries today said it is set to acquire Swiss watch brand Favre Leuba for up to 2 million Euro (over Rs 13 crore) as a part of its strategic business plan to expand product portfolio.
Titan Industries has signed a binding offer with Valfamily SL Spain and Maison Favre Leuba of Switzerland for the acquisition, post which Titan will secure global rights of the brand, Titan said in a filing to the BSE.
“This acquisition is being pursued on an asset purchase mode for a sum under Euro 2 million,” the filing said.
The strategic rationale behind the above acquisition is to complement and strengthen the existing watches brand portfolio of the company with a Swiss heritage brand, it said.
Favre Leuba, created in Switzerland in 1737, has a rich history in international markets, including India, it added.
Titan Industries’ scrips were trading at Rs 207.85 per share up 0.92 per cent from the previous close on the BSE.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
No comments:
Post a Comment