Tanishq plans to merge with Titan Industries

MUMBAI: Jewellery maker Tanishq (India) has proposed to merge itself with parent company Titan Industries.

Tanishq has already filed a petition in this regard with the High Court of Karnataka following board passing a Scheme of Amalgamation, Titan said in a filing to the Bombay Stock Exchange.

Tanishq was launched in 1994 as a range of jewellery and jewellery watches meant for the European & American markets. But things began to change globally around this time, and the West entered a protracted period of slow economic growth followed by recession.

Shares of Titan Industries closed at Rs 3,448.90, up 1.49 per cent from the previous close on the BSE.