Financial Daily from THE HINDU group of publications
Friday, Feb 22, 2002
Financial Daily from THE HINDU group of publications Friday, Feb 22, 2002 |
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Corporate
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Mergers & Acquisitions Parent hikes stake in Timex to 83.58 pc Our Bureau
NEW DELHI, Feb. 21 NETHERLANDS-based Timex Watches B.V. has hiked its stake in its Indian subsidiary, Timex Watches Ltd, to 83.58 per cent by investing Rs 20 crore. Mr Kapil Kapoor, Managing Director, Timex Watches Ltd, said: "This investment in the form of additional equity reiterates Timex's confidence in its Indian operations. This money will be used to further our expansion plans and fund our marketing initiatives to secure a leadership position in the Indian market.'' The company's marketing initiatives focus on technology, trends and reliability. It has also been regularly conducting cricketing and fashion events in India. Meanwhile, Timex claims that its sales have increased by 15 per cent in the last nine months, which has also led to an increase in its share in a fairly stagnant market.
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