Watch-maker Titan Industries was aiming for 15-20 per cent growth over last year's sales of Rs 800 crore (Rs 8 billion) and would invest Rs 10 crore (Rs 100 million) in 2003-04 to strengthen its brand, a top company official said on Wednesday.

"We foresee 15-20 per cent year-on-year growth. Our watch business will contribute 55 per cent while the rest of the sales will come from the Tanishq brand of jewellery," managing director Bhaskar Bhat told PTI on the sidelines of an industry seminar.

The Tata group company will invest Rs 10 crore in strengthening its retail presence.

Titan, which has 58 per cent marketshare in the domestic watch market, said it has the largest distribution and service network, which would be further strengthened with a Rs 10 crore investment.

The company would launch a number of new watches in the next couple of months, Bhat said adding, the Sonata range of watches would cater to the mass market while the Titan brand has been positioned in the premium category.

Having infused £9 million in the European markets, Titan Industries will also aggressively focus on the markets abroad.

"Our brands are gaining ground in foreign markets. We will keep increasing the number of dealerships there," said Bhat, sounding bullish about the European, West Asian and East Asian markets.

"The Indian market holds immense potential for a company like Titan that has huge marketing and service network and watch penetration is still very low in the country," Bhat said.

In India, out of 200, only 10 people wear watches.

This year, Titan Industry hopes to have a sales turnover of about Rs 1,000 crore (Rs 10 billion), as compared to Rs 800 crore last fiscal.

Titan is investing in its retail outlets as part of plans to boost sales of both watches and jewellery.

Asked about the company's strategy to give a fillip to its jewellery business, he said, "Our jewellery business is growing at a scorching pace".