Titan picks up 5% stake in wireless firm

Titan Industries has picked up 5% equity stake in Innoviti Embedded Solutions, a start-up in the consumer wireless products space.

Rajeev Agrawal, chief executive officer of Innoviti, said: "Titan has
picked up a minority stake of about 5% in the company which can go up to 15% when fully converted."

Innoviti today has two products - one for wireless data products and the other for wireless mobile phone extensions and two product lines - vaayu and payezee.

The products are being marketed both in the Indian and global markets.
Innoviti is today working on next-generation wireless technologies,
especially those targeted at smart personal objects and next-generation
mobile networks.

Bhaskar Bhat, managing director of Titan, said: "Titan Industries is excited about its investment in Innoviti and looks forward to this relationship developing into several strategic initiatives in the consumer wireless space. Through this relationship, Titan Industries will be enhancing its technology reach into the wireless space - one of the most important innovations to affect a consumer in the 21st century."