Titan Company said that its wholly-owned subsidiary TCL North America Inc. (TCLNA) has signed a stock purchase agreement with Great Heights Inc., USA (Great Heights).
The agreement is for subscription of shares with voting preferred stock in the capital stock of Great Heights, which would result in TCLNA holding up to 17.5% voting rights in Great Heights.
Great Heights, is a Delaware Corporation mainly engaged in retailing of LGD Jewellery through its brand 'Clean Origin'. The company had recorded gross revenue of $25 million in 2021.
This investment of $20 million in Great Heights by TCLNA is a strategic investment that will provide Titan a ring-side view of the lab grown diamond (LGD) and direct to consumer (D2C) sectors.
Titan Company is engaged in making and selling watches, jewellery, eyewear and others.
The company reported a standalone net profit of Rs 987 crore in Q3 FY22 as against a net profit of Rs 419 crore Q3 FY21, recording a growth of 136% on YoY basis. The total income for the quarter was Rs 9,570 crore, registering a growth of 31% as compared to Rs 7,324 crore in Q3 FY21.
The scrip rose 0.63% to currently trade at Rs 2482.60 on the BSE.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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