• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Bangalore, Oct. 31

Titan Industries Ltd plans to market lifestyle accessory products such as apparels, bags, belts and wallets. It also proposes to merge its subsidiary Titan Properties, which is into property development for the employees of Titan Industries near the Hosur plant, with itself.

The company will seek its shareholders’ nod to alter its memorandum of association to facilitate this.

The company has clarified that it is not getting into the real estate business but the alteration is only to enable it to carry on with property development for the employees once Titan Properties is merged with itself, it has informed the stock exchanges.

The merger will happen in the medium term, the company has said.

According to Titan Industries, the move to get into other lifestyle accessory products is to leverage on the brand.

Titan Properties is a self-financing, revenue-neutral company, “with no effect on the core businesses of the parent company,” said Ms Usha Iyengar, Company Secretary, Titan Industries Ltd.

The merger is a “simplification exercise, which will be cash-flow neutral. If at all anything, it will add a marginal surplus to the cash flow, which is only incidental,” said Ms Iyengar.

The township project has seen development over phases.

Two phases — where plots (about 1,500 sq ft each) and houses were sold to 845 customers, some of whom were not employees of the company — are over, and the third phase is to be developed. Some plots have been sold to employees to enable them to construct their house.

As part of the consolidation exercise, Questar Investment and Samrat Holdings, both subsidiaries of Titan Industries, have been merged, and the merger of Titan Holdings will also happen, said Ms Iyengar.

More Stories on : Strategy | Watches & Accessories | Readymade Garments

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line