Titan Industries on Wednesday 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.