Titan pays Rs 25 crore to ex-MD Bhaskar Bhat as special retirement benefit

The Tata Group JV saw an increase of almost Rs 77 crore in the employee benefits expenses for the quarter

Jewellery-to-watches maker Titan has paid Rs 25 crore to its former managing director Bhaskar Bhat as special retirement benefit, said the company in a BSE filing on Tuesday.

“During the quarter ended 31 December 2019, the board of directors approved the special retirement benefits payable to the managing director who retired in September 2019, as per the policy of the company,” said the Bengaluru-headquartered firm. Bhat continues to serve as a non-executive non-independent director on the company board.

“This is a distinctive recognition for the kind of fast paced growth that he created for Titan,” said brand consultant Harish Bijoor.