Titan Company Limited has informed the Exchange about proposed acquisition of 67% shareholding in Damas jewellery business by the Company through its Wholly Owned Subsidiary.
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Titan Company, through its wholly owned subsidiary Titan Holdings International FZCO, has signed a definitive agreement to acquire a 67% stake in Damas LLC (UAE), the holding company for the Damas jewellery business across GCC countries, from Mannai Corporation QPSC of Qatar. The deal is valued at an enterprise value of AED 1,038 million (approximately ₹240+ crore based on current rates) and will be funded through a mix of debt, cash balances, and internal accruals. Damas, founded in 1907 and headquartered in Dubai, operates 146 stores across 6 GCC countries with a turnover of AED 1,461 million (FY2024). Titan also gets a call option to buy the remaining 33% stake from Mannai after 31st December 2029. The transaction is expected to close by 31st January 2026, subject to regulatory and anti-trust approvals.
This is a strategic international expansion move for Titan, giving it a strong established brand and retail footprint in the high-growth GCC jewellery market alongside its existing Tanishq presence. The acquisition is likely to be viewed positively by investors as it diversifies revenue geographically and adds a premium legacy brand, though the cash outflow and integration risks may be monitored. Minority stake structure with a future buyout option keeps full acquisition cost deferred.