Orra keen on strategic investment in Tanishq

Orra, a part of the $1.7-billion jewellery group Rosy Blue, is hunting for strategic investment and Titan Industries' jewellery business, Tanishq, tops its wishlist.

"They have a strong and growing market penetration, especially in gold jewellery, which is where the volumes still lie," said Vijay Jain, CEO, Orra.

Tanishq, the country's fastest-growing jewellery brand, posted revenues of just under Rs 800 crore in 2005-06, and is aiming for above Rs 1,000 crore in the current financial year.

It has also been posting profits since 2003 after nearly a decade of losses, and has sustained 40 per cent year-on-year growth this year, despite volatile gold prices.

Orra, which has been exporting diamond jewellery from India for over a decade, is keen to expand the retail end of its Rs 1,000-crore business, the bulk of which comes from exports.

The diamond jewellery market may only be 10-15 per cent of the total jewellery retail business worth Rs 60,000 crore, but it is growing at 20 per cent against a sluggish 5 per cent growth in gold jewellery.