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representative imageTitan Company Have purchased commercial space spread over three floors in a ready made project in Borivali suburb of Mumbai 100 crores for Rs. Tata Group The company is already running one store of its jewelery brand Tanishq From this base.
The commercial space spread over 16,280 sq ft of carpet area in the building, Vini Elegance, is spread over ground, first floor and upper basement.
The seller had taken a term loan against the said property through lease rental discounting facility axis Bank In April 2021. Axis Bank’s outstanding against the property was around Rs 37.32 crore. Titan Company has paid off the lender by deducting this amount from the seller’s price.
Under the deal, Titan Company will also get exclusive access to 18 car parking slots in the building. The buyer has paid stamp duty of Rs 6 crore for the registration of the transaction that took place on Thursday, documents accessed through CRE Matrix revealed.
Out of the total space, 5,829.67 sq. ft. carpet area is on the ground floor, about 6,326 sq. ft. carpet area is on the first floor and the upper basement area is spread over 4,127.24 sq. ft. apart from 18 car parking slots.
At the time of writing, Titan Company did not respond to ET’s email query.
For the quarter ended March, Titan Company reported a 40% year-on-year growth in its consolidated net profit at Rs 736 crore. The lifestyle retailer reported 26% year-on-year growth in total income for the quarter at Rs 9,419 crore.
The company’s total income from the jewelery segment grew 24% to Rs 7,576 crore over a year ago. In the watches and wearables segment, its total revenue grew 40% year-on-year to Rs 871.
During the financial year 2022-23, the company plans to significantly enhance its retail network presence both in India and overseas.
In the jewelery segment, it will add a total of 97 stores in 2022-23, taking its total store count to 541 stores across 253 cities, including 7 international stores in Dubai, Abu Dhabi and USA.
In the watches and wearables segment, it also added 162 stores during the year, taking its total store count to 1,005 across 306 cities. Other key verticals including iCare added 168 stores, Caratlane added 84 stores and Taneira also launched 21 stores to expand their respective networks during the year.
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