Tanishq (India) to merge with Titan

Thursday, 17 March 2011

Tanishq (India), the wholly-owned subsidiary of Titan Industries is being merged with the parent company to simplify the accounting process. Tanishq (India) was created nearly 10 years ago as a separate entity through which jewelry was being invoiced and had nothing to do with the Titan Industries jewelry brand Tanishq. “Tanishq (India) has been defunct for quite a while now and no business was carried out by it. For the last eight years, all the jewelry business of the company has been embedded in Titan Industries. So the decision was to merge it with the company in order to reduce the number of legal entities and simplify the accounting process,” said Bhaskar Bhat, MD, Titan Industries. Tanishq (India) has filed the requisite petition with the High Court of Karnataka.

Titan Industries is a manufacturing company that produces India's largest and best-known range of personal accessories – watches, jewelry, sunglasses and prescription eye wear. It was established in 1984, as a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation. The company brought about a paradigm shift in the Indian watch market, offering quartz technology with international styling, manufactured in a state-of-the-art factory at Hosur, Tamil Nadu. In 1995, the company diversified into jewelry under the brand Tanishq to capitalize on a fragmented market operating with no brands in urban cities. In 2005, the company launched its second jewelry brand, Gold Plus, to capitalize on opportunities in small towns and rural India. The company has now entered into eye wear, launching Fastrack eye-gear sunglasses and prescription eye wear.

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