In a major move to strengthen its global footprint, Titan Company Ltd has entered into a definitive agreement to acquire a 67% stake in United Arab Emirates (UAE)-based jewellery retailer Damas LLC.
The all-cash deal values Damas at AED 1.04 billion (approximately ₹2,400 crore) and is expected to close by January 31, 2026, subject to regulatory approvals and customary conditions.
The acquisition, announced via a stock exchange filing on Monday (July 21), will be executed through Titan’s wholly-owned subsidiary, Titan Holdings International FZCO, in partnership with Qatar-headquartered Mannai Corporation QPSC.
Following the transaction, Titan will hold 67% equity and voting rights in Damas. Additionally, Titan has secured a first right to acquire the remaining 33% from Mannai Corp after December 31, 2029, contingent on specific conditions.
Strategic expansion across the GCC
Titan sees the deal as a game-changing step in its international jewellery strategy, providing deeper access to markets in the Gulf Cooperation Council (GCC) region, including Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, and the UAE.
“After successfully establishing Tanishq across GCC countries and the USA, our ambition for a global jewellery play is now entering its next phase,” said Titan Managing Director CK Venkataraman.
“With Damas, Titan is moving beyond the diaspora focus and into broader nationalities and consumer segments.”
The acquisition will be financed through a mix of debt, existing cash reserves, and internal accruals.
Titan shares climbed 0.9% on the National Stock Exchange to close at ₹3,433 on Monday. Year-to-date, the Tata Group jewellery stock has gained over 5%.
Brokerage firm Motilal Oswal recently reiterated a ‘buy’ rating on the stock with a target price of ₹4,250. Emkay, however, assigned ‘reduce’ rating on Titan with a target price of ₹3,350.
(Edited by : Shoma Bhattacharjee)
First Published: Jul 21, 2025 7:43 PM IST
