Timex to make India an export hub

new delhi: timex watches, which incurred a loss of rs 14.84 crore during the first half of this fiscal, said on friday it would return to profitability from 2002-03 and make india an export hub. "we are going to make a turnaround from 2002-03 onwards and make the indian manufacturing unit an export hub. this year, we have invested rs 12 crore for brand building and technology," twl managing director kapil kapoor said here.exports, at present, account for about seven to eight of twl's revenues. kapoor said the company will cut costs, boost sales, set up a flexible manufacturing line and hike capacity utilisation of its plant in uttar pradesh. twl, a subsidiary of netherlands-based timex watches bv, has reduced its net losses to rs 14.84 crore during april-september 2001-02 from rs 31.42 crore in the year-ago period. sales has also increased to rs 28.03 crore from rs 22.09 crore in the year-on-year period. twl had incurred a net loss of rs 47.55 crore during the year ended march 31, 2001. kapoor said the parent company has recently hiked its stake in the indian arm to 79.4 per cent from 74.01 per cent through preferential allotment of shares. earlier, timex watches bv had 71.35 per cent stake in the indian unit which was subsequently hiked to 74.01 per cent. asked whether the parent would further hike its stake, kapoor said: "there is no concrete plan to do this. but the parent company has always infused funds whenever it was needed".