Titan acquires 5% stake in Innoviti Solutions
Business Standard — May 10, 2006

Titan Industries has picked up 5 per cent equity stake in Innoviti Embedded Solutions, a start-up in the consumer wireless products space. Rajeev Agrawal, chief executive officer, Innoviti, said, " Titan has picked up a minority stake of about 5 per cent in the company which can go up to 5 per cent when fully converted." Innoviti today two product lines, one for wireless data products and the other for wireless mobile phone extensions and two product lines — vaayu and payezee.

The products are being marketed both in the Indian and global markets. Innoviti is today working on next generation wireless technologies; especially those targeted at smart personal objects and next generation mobile networks. Bhaskar Bhat, managing director, Titan Industries said, "Titan is excited about its investment into Innoviti and looks forward to this relationship developing into several strategic initiatives in the consumer wireless space. Through this relationship, Titan Industries will be enhancing its technology reach into the wireless space - one of the most important innovations to affect a consumer in the 21st century."

"The current investment by Titan Industries is a strategic one, aimed at further enhancing Innoviti's national and global market reach," Agrawal. The company would use the distribution set up and reach provided by Titan to market its products and also work together on jointly creating products. "Titan was looking at collaborating with companies in the wireless technology space and Innoviti also wanted to associate with a strong consumer products company and this collaboration works to the advantage of both companies as both are essentially addressing the same consumer base," he added.