Titan to amass 67% stake in UAE-based Damas jewelry

The nation’s main branded jewelry maker Titan will purchase a majority 67% stake in UAE-based Damas Jewelry in an all-cash deal, a transfer which helps the Tata group-managed agency to increase enterprise in GCC international locations.

Titan’s wholly-owned subsidiary Titan Holdings Worldwide FZCO on Monday signed a definitive settlement with Mannai Company for the acquisition of its 67% shareholding in Damas LLC (UAE), the present holding firm for Damas jewelry enterprise in GCC international locations.

“The consideration for the proposed transaction is arrived on the premise of the enterprise worth of AED 1,038 million (practically ₹2,438.56 crore),” mentioned a joint assertion.

Based in 1907, Damas Jewelry has a community presence of 146 shops throughout six GCC international locations. It had a income of AED 1,461 million (round ₹3,450.2 crore) in FY’24.

“The aim of acquisition is to amass all the jewelry enterprise, together with the model ‘Damas’ held by Mannai Company in GCC international locations by way of Damas LLC (UAE),” it mentioned.

Titan expects the proposed transaction to be accomplished earlier than January 31, 2026, topic to regulatory clearances.

“As per the Proposed Transaction, Titan Holdings will purchase 67 per cent shareholding topic to situations precedent specified within the Definitive Settlement and related regulatory approvals, as could also be required, within the relevant jurisdictions,” it mentioned.

Nonetheless, after 4 years, by the tip of 2029, Mannai shall have the precise to promote and Titan Holdings shall have the precise to amass the steadiness 33 per cent shareholding within the holding firm, topic to situations agreed upon.” This deal is “strategically important” for Titan’s jewelry enterprise as it’s going to facilitate the growth throughout the six GCC international locations – UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain, mentioned Titan.

“The area is exhibiting sturdy financial progress, creating a requirement for differentiated, high-quality choices rooted in Arabian aesthetic and interesting to classy clientele searching for distinctive, culturally resonant designs,” it mentioned.

Commenting on the event, Titan Managing Director C Ok Venkataraman mentioned after efficiently establishing Tanishq within the GCC international locations and the USA, our ambition for a world jewelry play is transferring to the subsequent stage.

“With the Damas acquisition, Titan Firm is stepping out from its diaspora focus into different nationalities and ethnicities. Damas is a prestigious model revered within the GCC markets for its product innovation, high quality and buyer expertise,” he mentioned.

Damas jewelry’s wealthy model legacy and robust presence within the GCC area align completely with Titan’s imaginative and prescient.

“This acquisition not solely creates a big new world alternative for Titan, but additionally enhances Titan’s total place within the jewelry market within the GCC international locations and brings in a number of synergy advantages in expertise, retail networks and provide chain,” it mentioned.

Mannai Company Group CEO Alekh Grewal mentioned: “Mannai will proceed to personal a minority stake in Damas for the subsequent 4 years as the expansion plans for Damas are taken ahead. It’s meant that the proceeds of the sale transaction will likely be deployed by Mannai to strengthen its sources in help of additional growth of its core commerce and IT companies companies along with lowering the Group Debt.” Mannai Company is a publicly listed firm headquartered in Qatar, with actions primarily targeted on the Enterprise to Enterprise phase primarily based on commerce and IT companies.

Damas, headquartered in Dubai, grew to become a subsidiary of Mannai in 2012, and the time has come for funding within the subsequent part of its growth within the area, mentioned Grewal.

Titan Firm is a three way partnership between the Tata Group and the Tamil Nadu Industrial Growth Company (TIDCO). It had commenced its operations in 1987 underneath the title Titan Watches and later in 1994, Titan diversified into Jewelry (Tanishq) and subsequently into EyeCare.

In FY’25, Titan’s income from operations was at Rs 57,339 crore, during which its jewelry division contributed ₹46,571 crore, which is over 81%.

Revealed – July 22, 2025 02:40 am IST