Titan to enter Indonesia through distribution tie-up, stock gains 3%

Titan Industries, part of the Tata group, is looking to enter Indonesia in six months through a distribution tie-up, Bhaskar Bhat, managing director, told reporters on the sidelines of the Indian Retail Forum on Wednesday.

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“The idea is to expand to one new country every year. Last year we forayed into South Africa, this year we are looking to enter into Indonesia in the next six months,” he said.

The stock market reacted positively to the news, with the stock touching a high of Rs 237.45 at 3pm today. The stock closed at Rs 234.75, up 3.46 percent.

Reuters