Unicaus NEWS
Titan’s wholly-owned subsidiary Titan Holdings International FZCO on Monday signed a definitive settlement with Mannai Corporation for the acquisition of its 67% shareholding in Damas LLC (UAE), the present holding firm for Damas jewelry enterprise in GCC nations.
“The consideration for the proposed transaction is arrived on the basis of the enterprise value of AED 1,038 million (nearly ₹2,438.56 crore),” mentioned a joint assertion.
Founded in 1907, Damas Jewellery has a community presence of 146 shops throughout six GCC nations. It had a income of AED 1,461 million (round ₹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 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 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 mentioned.
However, after 4 years, by the top 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 circumstances agreed upon.” This deal is “strategically important” for Titan’s jewelry enterprise as it would facilitate the growth throughout the six GCC nations – UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain, mentioned Titan.
“The region is exhibiting robust economic growth, creating a demand for differentiated, high-quality offerings rooted in Arabian aesthetic and appealing to sophisticated clientele seeking unique, culturally resonant designs,” it mentioned.
Commenting on the event, Titan Managing Director C Okay Venkataraman mentioned after efficiently establishing Tanishq within the GCC nations and the USA, our ambition for a worldwide jewelry play is transferring to the following stage.
“With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities. Damas is a prestigious brand revered in the GCC markets for its product innovation, quality and customer experience,” he mentioned.
Damas jewelry’s wealthy model legacy and powerful presence within the GCC area align completely with Titan’s imaginative and prescient.
“This acquisition not only creates a significant new global opportunity for Titan, but also enhances Titan’s overall position in the jewellery market in the GCC countries and brings in multiple synergy benefits in talent, retail networks and supply chain,” it mentioned.
Mannai Corporation Group CEO Alekh Grewal mentioned: “Mannai will continue to own a minority stake in Damas for the next four years as the growth plans for Damas are taken forward. It is intended that the proceeds of the sale transaction will be deployed by Mannai to strengthen its resources in support of further expansion of its core trade and IT services businesses in addition to reducing the Group Debt.” Mannai Corporation is a publicly listed firm headquartered in Qatar, with actions primarily targeted on the Business to Business section 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 section of its growth within the area, mentioned Grewal.
Titan Company is a three way partnership between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO). It had commenced its operations in 1987 beneath the title Titan Watches and later in 1994, Titan diversified into Jewellery (Tanishq) and subsequently into EyeCare.
In FY’25, Titan’s income from operations was at Rs 57,339 crore, through which its jewelry division contributed ₹46,571 crore, which is over 81%.
