Titan Industries on Wednesday said it is set to acquire Swiss watch brand Favre Leuba for up to 2 million Euro (about Rs 13.6 crore) as 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 Bombay Stock Exchange.
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"This acquisition is being pursued on an asset purchase mode for a sum under 2 million euros," 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.