Titan Company, a prominent member of the Tata Group, has recently acquired commercial space in a ready project located in the Borivali suburb of Mumbai for Rs 100 crore. This purchase adds to the company’s existing presence, as it already operates a Tanishq jewelry store from this location.
The commercial space, spanning across three floors in the Vini Elegance building, covers a total area of 16,280 square feet. It is distributed between the ground floor, first floor, and upper basement levels.
The seller of the property had previously availed term loans against it through a lease rental discounting facility from Axis Bank in April 2021. Titan Company has deducted the dues owed to Axis Bank, which amount to approximately Rs 37.32 crore, from the seller’s price and has repaid the lender.
As part of the deal, Titan Company will also have exclusive access to 18 car parking slots in the building. Stamp duty worth Rs 6 crore has been paid for the registration of the transaction, which took place on Thursday, according to documents accessed through CRE Matrix.
The ground floor of the space covers an area of 5,829.67 square feet, the first floor spans approximately 6,326 square feet, and the upper basement occupies 4,127.24 square feet. Additionally, the acquisition includes 18 car parking slots.
Titan Company did not respond to ET’s email query at the time of publication.
For the quarter ending in March, Titan Company reported a 40% year-on-year growth in its consolidated net profit, amounting to Rs 736 crore. The lifestyle retailer also recorded a 26% increase in total income for the quarter, reaching Rs 9,419 crore.
In the jewelry segment, the company’s total income rose by 24% from the previous year, amounting to Rs 7,576 crore. In the watches and wearables segment, its total income experienced a 40% year-on-year increase, reaching Rs 871 crore.
During the financial year 2022-23, the company significantly expanded its retail network presence, both in India and overseas. In the jewelry segment, it added a total of 97 stores, bringing its count to 541 stores spread across 253 cities, including 7 international stores in Dubai, Abu Dhabi, and the USA.
In the watches and wearables segment, the company added 162 stores during the year, bringing the total count to 1,005 stores across 306 cities. Other key verticals, including EyeCare with 168 stores, Caratlane with 84 stores, and Taneira with 21 new stores, also contributed to expanding their respective networks during the year.
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