Bangalore: Titan Industries' jewellery arm Tanishq is getting into a memorandum of understanding (MoU) with Canara Bank and Corporation Bank to convert gold articles into slabs. The company already has similar arrangements with Allahabad Bank and Indian Overseas Bank.
Briefing the media at Tanishq manufacturing facility in Hosur on Thursday, divisional manager (Tanishq) V Govind Raj said the company had recently set up a gold melting and converting (into slabs) facility with a capacity of 25 tonnes per annum. "We will be looking at more banks in the gold business including State Bank of India," Mr Raj said.
Speaking on the occasion, Titan Industries divisional manager (manufacturing) M Kumar said Tanishq would be looking at more institutional orders. Currently the company had orders for gold coins --- to be used in various promotional activities --- from Tata Tea, Hindustan Lever, Toyota, etc, he said.
Mr Raj said Tanishq was targeting a 10 per cent of its total business coming from institutional orders.
Tanishq which posted a turnover of Rs 145 crore during fiscal '99-2000 was targeting Rs 250 crore this year, he said.