Titan Industries announced today that it will be investing Rs. 170 crore for starting 150 more stores through different formats by year end.

The company is looking to open 150 more stores in various formats by March 2011.

Titan, under Tata group firm sells products like watches, eyewear and jewellery under various brands like Titan, Sonata, Xylys, Fastrack, Titan Eye+ and Tanishq.

The total investment necessary for the expansion is amounting to Rs. 170 crore, especially for the jewellery stores for the 'Tanishq' brand.

About 40 new stores have been opened throughout India and the plans are being moved forward with.

According to the company's website, Titan Industries has more than 560 retail stores over an area of more than 7,09,000 sq ft.

Titan has more than 300 exclusive 'World of Titan' showrooms and more than 740 after-sales-service centres in the country. There are even more than 110 Tanishq boutiques and Zoya stores, more than 25 Gold Plus stores and more than 85 Titan Eye+ stores across the country. There are also two exclusive showrooms for watches and jewellery.

The rising price of gold has had no impact on the demand and margins of the jewellery business.