Titan Company Limited has informed the Exchange regarding a press release dated July 21, 2025, titled "TITAN TO ACQUIRE DAMAS JEWELLERY, EXPAND GCC PRESENCE".
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Titan Company, through its wholly owned subsidiary Titan Holdings International FZCO, has signed a definitive agreement to buy a 67% stake in Damas LLC (UAE), the holding company for the Damas jewellery business, from Qatar's Mannai Corporation. The deal is valued at an enterprise value of AED 1,038 million (~₹240 crore approx.) and will be a cash deal funded through a mix of debt, cash balances, and internal accruals. Damas operates 146 stores across six GCC countries (UAE, Saudi Arabia, Qatar, Oman, Kuwait, Bahrain) and reported revenue of AED 1,461 million in FY2024. Titan will have the right to acquire the remaining 33% stake from Mannai after December 31, 2029. The transaction is expected to close on or before January 31, 2026, subject to regulatory and anti-trust approvals.
This is a strategic international expansion move that gives Titan a strong foothold in the Middle East jewellery market through a well-established century-old brand, likely to be viewed positively by investors. The deal size is relatively modest compared to Titan's overall scale, so financial impact is limited, but it opens a significant new growth corridor beyond India.