The citation that accompanies the award states: "Titan Industries Limited has emerged as the most significant player in the Indian quartz watch market, with a market share of over 40 per cent. It is also the world’s sixth largest manufacturer of quartz analog watches. Titan has earned a reputation for its aesthetics, accuracy and reliability. 

"Titan is a full-line watch company, with products ranging from the simple to those on par with the best international brands. Titan watches and clocks are distributed through a combination of direct salesmen and redistribution stockists who cover over 6,000 outlets in 1,470 towns in the country. Titan Industries Limited has a marketing presence in about 40 countries, with a network of about 3,500 retailers abroad. All watches exported by Titan Industries Limited bear the Titan brand name.