Titan appoints 3 directors on board of new JV
Q. Titan has appointed three directors on the board of its new JV with which company?- Published on 09 Dec 15a. Maison Montrouge
b. Maison Montblanc
c. Maison Informatique
d. None of the above
ANSWER: Maison Montblanc
Titan has appointed 3 directors including MD Bhaskar Bhat on board its new JV with Maison Montblanc which aims to carry out single brand retail trading of the products in India. The other two people appointed on the board are Co CEO S. Ravi Kant and Independent Director Ireen Vittal. Appointment is as per agreement between partners under which Titan has appointed three of six directors in a BSE filing. JV has “equity participation pursuant to FIPB approval in the ratio of 51:49 by Montblanc Services BV and Titan Co Ltd, respectively, as per the filing. 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, the company said. Montblanc is entering India again to open 5 boutiques within the next 3 months. Titan is a JV between TATA group and Tamil Nadu Industrial Development Corp.
