BANGALORE: Watch-to-jewellery major Titan Industries will merge its wholly-owned subsidiary Titan Properties with it, a company filing in the Bombay Stock Exchange said. The Bangalore-based company incorporated the subsidiary to develop a Titan Township for employees at Hosur in Tamil Nadu.
The company had achieved the objectives for which it was formed and has decided against undertaking further developmental activities, Titan Industries said, explaining the rationale for amalgamation. Titan Properties would file the requisite petition with the Madras High Court, it said on Wednesday.
Titan also has a factory manufacturing jewellery for Tanishq at Hosur. In March this year, the jewellery division Tanishq was also merged with its parent.
Titan Industries posted a 71.94 % increase in standalone net profit to Rs 430.42 crore for the year ended March 31, 2011 from Rs 250.32 crore in the year-ago period. The company also undertook a stock split, subdividing equity shares of the face value of Rs 10 each into 10 equity shares of a face value of Re 1 each.
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