Timex to increase equity in Indian subsidiary

bangalore: timex watches b v would invest rs 20 crore to increase its equity in its indian subsidiary timex watches to 83.85 per cent. timex watches said here in a statement that its board has approved the equity infusion that would be subject to necessary approvals. "this money will be used to further our expansion plans and fund our marketing initiatives to secure a leadership position in the indian market.with our concentration now firmly on the fast moving rs 1,000 - rs 5,000 bracket. timex is looking at market leadership through its emphasis on technology, trendiness and reliability," kapil kapoor, managing director, timex watches, was quoted as saying. "timex sales have increased by 15 per cent over the last nine months. the company''s market share has also gone up significantly in a stagnant market," the statement said.