Titan, the country’s leading branded jewelery manufacturer, will achieve a 67% stake in the UAE-based Damas Jewelery at an All-Cash deal, a step that helps the Tata group-based firm expand the trade in GCC countries.
Titan -owned subsidiary Titan Holdings International FZCO on Monday signed a certain agreement with the Mannai Corporation for the current holding company Damas LLC (UAE) for Damas Jewelery Business in GCC countries for the purchase of 67% shareholding.
A joint statement said, “The idea for the proposed transaction AED has come on the basis of enterprise value of 1,038 million (about) 2,438.56 crore).”
Established in 1907, Damas Jewelery has a network appearance of 146 stores in six GCC countries. In FY 2014, there was a revenue of 1,461 million (about ₹ 3,450.2 crore).
“Acquisition aims to acquire the entire jewelery business, including the brand ‘Asthma’ organized by the Mannai Corporation by the Mannai Corporation in GCC countries, the brand ‘Asthma’ organized by the Mainaini Corporation,” it said.
Titan hopes that the proposed transaction will be completed under regulatory approval before 31 January 2026.
“As per the proposed transaction, Titan Holdings will acquire shareholders for the 67 percent shareholding subject for a fixed agreement and the conditions specified in relevant regulatory approval, as it may be necessary, in the applicable courts,” it has been said.
However, after four years, by the end of 2029, Mannai will have the right to sell and Titan Holdings will have the right to acquire 33 percent shareholding in the holding company, subject to the conditions, the “This deal” is “strategically important for Titan’s jewelery” strategically important because it will provide expansion facilities in Six GCC countries – UARA, Sody Arab, SORA, SORA, SORA, SORA
“The region is demonstrating strong economic growth, which is discriminated against the beauty of Arabia, creating a demand for high quality offerings and appealing to sophisticated customers, seeking unique, culturally resonant designs,” it said.
Commenting on development, Titan Managing Director CK Venkataraman said that after successfully establishing Tanish in GCC countries and USA, our ambition to play a global jewelery is going to the next stage.
He said, “With Damas acquisition, the Titan Company is stepping into other nationalities and ethnicities with its diaspora focus. Damas is a prestigious brand that has reverence for its product innovation, quality and customer experience in GCC markets,” he said.
The rich brand of Damas Jewelery is aligned with Titan’s vision perfectly with the rich brand heritage and the GCC region.
“This acquisition not only creates an important new global opportunity for Titan, but also enhances the overall position of Titan in the jewelery market in GCC countries and brings many coordination benefits in talent, retail network and supply chain,” it said.
Alekha Grewal, CEO of Mannai Corporation Group said: “Mannai will continue for minority stake in Damas for the next four years as development plans for prices are carried forward. It is intended that the income of sales transactions will be deployed to strengthen its resources in support of their main trade and further expansion of IT services.” The Mannai Corporation is a publicly listed company headquartered in Qatar, with mainly focus on business on business based on trade and IT services.
Headquarters in Dubai became a subsidiary of Mannai in 2012, and the time has come to invest in the next phase of its expansion in the region.
The Titan company is a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO). It started its operations in 1987 in the name of Titan watches and later in 1994, Titan diversity in jewelery (Tanishq) and later in iCare.
In FY’25, the revenue from the operation of Titan was Rs 57,339 crore, with its jewelery division contributed ₹ 46,571 crore, which is more than 81%.
Published – July 22, 2025 02:40 am IST