Titan Eyeplus, the eyewear retail brand of watch maker Titan Company, is planning to set up a new spectacle frame manufacturing plant at a cost of Rs 40 crore. The new plant will be set up at Chikkaballapur in Karnataka next to its lens unit, a top company official said.
“We are looking at commissioning this plant by August this year. The unit will have an installed capacity of one million frames per annum in the first phase and will be scaled up depending on the demand later,” Ronnie Talati, CEO, Eyewear Division, Titan Company told FE.
He said the new plant will help the company expand faster in the domestic eyewear market. Currently, Titan accounts for about 10% of the eyewear market, which is pegged at R5,000 crore and growing at 15% annually. Titan has recorded a CAGR of 25% over the last five years.
The company will manufacture differentiated products such as nickel-free and lead-free frames, lightweight titanium and aluminium products, which will have 100% laser welding for better precision and accuracy. Currently, Titan sells imported lenses at its stores.