Months after Ratan Tata’s death, Tata’s branded jewellery maker Titan decides to pay Rs 2,400 crore to acquire…

In a significant development months after the death of late billionaire Ratan Tata, Tata Group’s jewellery maker Titan is expected to acquire a majority 67 per cent stake in UAE-based Damas Jewellery. In an all-cash deal, the country’s leading branded jewellery maker signed the deal aiming at expanding business in GCC countries.

As per a report by news agency PTI, Titan’s wholly-owned subsidiary Titan Holdings International FZCO on Monday signed a definitive agreement with Mannai Corporation for the purchase of its 67 per cent shareholding in Damas LLC (UAE), the current holding company for Damas jewellery business in GCC countries.

“The consideration for the proposed transaction is arrived on the basis of the enterprise value of AED 1,038 million (nearly Rs 2,438.56 crore),” said a joint statement.

What should you know about Damas Jewellery?

Founded in 1907, Damas Jewellery has a network presence of 146 stores across six GCC countries. It had a revenue of AED 1,461 million (around Rs 3,450.2 crore) in FY’24.

“The purpose of acquisition is to acquire the entire jewellery business, including the brand ‘Damas’ held by Mannai Corporation in GCC countries through Damas LLC (UAE),” it said.

Why Titan is acquiring stake in Damas Jewellery?

Titan expects the proposed transaction to be completed before January 31, 2026, subject to regulatory clearances.

“As per the Proposed Transaction, Titan Holdings will acquire 67 per cent shareholding subject to conditions precedent specified in the Definitive Agreement and relevant regulatory approvals, as may be required, in the applicable jurisdictions,” it said.

This deal is “strategically significant” for Titan’s jewellery business as it will facilitate the expansion across the six GCC countries – UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain, said Titan.

However, after four years, by the end of 2029, Mannai shall have the right to sell and Titan Holdings shall have the right to acquire the balance 33 per cent shareholding in the holding company, subject to conditions agreed upon.”

(With inputs from agencies)

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