Date:11/01/2008 URL: http://www.thehindu.com/2008/01/11/stories/2008011163781000.htm

Tamil Nadu

“Give up divestment move”

MADURAI: The Communist Party of India (Marxist) has asked the State Government to reconsider its proposed move to disinvest its 27 per cent share in the profit-making Titan Industries.

Addressing a public meeting here on Thursday, its Central Committee member T.K. Rengarajan said the party had “authentic” information on the issue. “But, we want the State Government to clarify.”

Titan Industries, which manufactures watches and is into jewellery business, is a joint venture of the Tata Group and the Tamil Nadu Industries Development Corporation.

Recalling that the company, located at Hosur, was started with an investment of Rs.45 crore, and made Rs.2,000 crore profit last year, he said, “The Government wants to sell its 27 per cent share for Rs. 1,500 crore. This is not good for the State.”