Titan has signed an agreement with Bangladesh-based Rhythm Jewelery to set up a joint venture in Bangladesh.

What Happened: Titan and Rhythm have agreed to establish a joint venture company for the manufacturing, marketing and retailing of jewellery products in the east Asian country.

As part of Titan’s expansion plans in the international market, the move will see the launch of jewellery brand Tanishq, the company said in a joint statement, Business Standard reported. The companies will establish a manufacturing facility in Narayanganj, the report added.

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In a press release, Titan said that the joint venture company would become its subsidiary soon after. Titan will own a majority stake of 76% in the joint venture while Rhythm will hold 24% of the company. 

There will be four directors on the board of the company, the press release added. Titan will nominate three directors, whereas Rhythm has the right to appoint one. Titan’s nominations will also assume the positions of chairman, managing director and CEO. 

Details regarding the date of execution of the venture have not been made public. 

Tanishq already has operations in the US, United Arab emirates and Singapore.

Price Action: Shares of Titan were up 0.21% AT ₹3411.50 during morning trading on Monday.

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