German company Montblanc has established a joint venture with Titan to set up single brand stores in India.

Richemont Group-owned Montblanc is a manufacturer of writing instruments, watches, jewellery and leather goods.

Meanwhile, Titan, a joint venture between Tamil Nadu Industrial Development Corporation and Tata Group, is known for retailing watches and jewellery and is expanding to other product categories.

The JV comes at a time when the Indian government has already allowed 100 per cent foreign direct investment in single brand retail. However, with Montblanc forging a local partnership, it is not obliged to comply with the 30 per cent sourcing clause imposed to those who plan 100 percent single brand ownership.

“This venture will help Titan gain a hands-on experience with world class luxury,” said Abneesh Roy, an analyst at Edelweiss Securities.