
Months after Ratan Tata's death, Tata's branded jewellery maker Titan decides to pay Rs 2,439 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)

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Time of India
5 minutes ago
- Time of India
Stock Radar: Down 18% from highs! Nestle India stock rebounds after testing 2,200 support. What should investors do?
Nestlé India Ltd, a key player in the packaged foods industry, has rebounded after testing support near the Rs 2,200 level on the daily charts. However, the stock remains down by approximately 18% from its recent highs. Short-term traders with a high-risk profile can consider buying the stock for a target of Rs 2,427 in the next 1–2 months, suggest experts. The stock, which is part of the BSE 100 index, hit a high of Rs 2,777 on 27th September
&w=3840&q=100)

Business Standard
5 minutes ago
- Business Standard
IT dept finds ₹30,444 cr undisclosed income in FY25, held 465 surveys
In FY24 and FY23, 737 and 1,245 surveys were conducted by the I-T department and undisclosed income of Rs 37,622 crore and 9,805 crore, respectively, were detected Press Trust of India New Delhi The Income Tax department has conducted 465 surveys, leading to detection of undisclosed income of Rs 30,444 crore in the 2024-25 fiscal year, Parliament was informed on Tuesday. Minister of State for Finance Pankaj Chaudhary in a written reply in the Rajya Sabha said whenever any credible information of 'direct tax' evasion comes to its notice, it takes suitable actions, including surveys, search and seizure operations, assessments, to bring to tax, the undisclosed income. During FY25, a total of 465 surveys were conducted, which led to detection of undisclosed income of Rs 30,444 crore. In FY24 and FY23, 737 and 1,245 surveys were conducted by the I-T department and undisclosed income of Rs 37,622 crore and 9,805 crore, respectively, were detected. The total number of groups searched during FY25 stood at 1,437 and assets seized stood at Rs 2,504 crore. In FY24, 1,166 groups were searched leading to total asset seizure of Rs 2,555 crore. In FY23, Rs 1,766 crore assets were seized following searches in 1,437 groups. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Economic Times
5 minutes ago
- Economic Times
Stock Radar: Down 18% from highs! Nestle India stock rebounds after testing 2,200 support. What should investors do?
Nestlé India Ltd, a key player in the packaged foods industry, has rebounded after testing support near the Rs 2,200 level on the daily charts. However, the stock remains down by approximately 18% from its recent highs. Short-term traders with a high-risk profile can consider buying the stock for a target of Rs 2,427 in the next 1–2 months, suggest experts. The stock, which is part of the BSE 100 index, hit a high of Rs 2,777 on 27th September