Titan Industries Ltd (TIL) has announced its plans to spend Rs 450 crore on retail expansion and new manufacturing units during the current fiscal year.

The amount earmarked for capital expenditure in FY2013-14 represents a growth of three times over last year, in which the company had spent Rs 150 crore.

TIL, which is a joint venture (JV) between the Tata Group and Tamil Nadu Industrial Development Corp (TIDCO), will spend the money on opening as many as 200 retail outlets for its watch, eye wear, jewellery and fashion accessories business.

Currently, the company is operating 953 retail outlets across all its various business divisions in the country.

Speaking on the topic, TIL managing director Bhaskar Bhat added, "We are looking at a topline growth of 25% this year across various business segments. While our jewellery business is set to cross the Rs 10,000 crore mark."

Mr. Bhat further said that the company had plans to establish two Greenfield watches manufacturing facilities in Coimbatore, and a precision engineering facility plus a Karigar centre in Hosur.

Mr. Bhat also announced that the company would launch a loyalty programme called `Encircle' on June 10, to allow its five million customers redeem their bonus points in any of the company's retail outlets.