Bangalore: Titan Industries Ltd on April 21 lifted the lockout at its Hosur plants following signing of a new wage agreement with the employees union.

"A significant feature of the new wage agreement is that apart from a fixed increase in wages, the concept of variable pay has been introduced, which is based on performance," a Titan release said.

"The composite and innovative approach is expected to improve productivity levels and enhance the company's overall performance and profitability," it said.

Titan, which had declared a lockout on February 13 following a strike call by the unaffiliated employees union demanding increase in wages and perks, has signed separate agreements with employees for watch and jewellery divisions with duration of two years and 10 months.

Titan managing director Bhaskar Bhat said last month that the company had clocked a production loss between Rs 20 crore to Rs 30 crore due to the lockout and expressed hope of reaching a settlement in mid-April.

Of the nearly 3,000 employees of Titan, 1,742 work at Hosur, which has the firm's main watch units, besides the jewellery division.

Titan said it would give a one-time lump-sum ex-gratia payment to employees as compensation for wage-loss during the lockout period.

PTI