Titan is set to acquire a 67% stake in Dubai-headquartered jewellery firm Damas. Titan, via its wholly owned subsidiary Titan Holdings International, has signed a definitive agreement for stake purchase at an enterprise value of $283 million from Mannai Corporation, which owns the holding company of the Damas Jewellery business in the Gulf Cooperation Council (GCC) region. The development is subject to regulatory approval in both jurisdictions.
“...Titan Holdings International FZCO., a wholly owned subsidiary of the Company, has today signed an Agreement for Sale and Purchase of Shares with Damas International Limited, UAE, a wholly owned subsidiary of Mannai Corporation QPSC, Qatar for the purchase of 67% shareholding in Damas LLC, the current holding company for Damas jewellery business in GCC countries,” said the company in an exchange filing on July 21.
Under the definitive agreement signed by the two companies, Titan Holdings will acquire 67% of the equity and voting rights in Damas and the remaining 33% stake can be bought by Titan after December 31, 2029. The stake purchase deal will be funded via a mix of debt, existing cash reserves, and internal accruals.
The move will allow the Tata Group-owned firm to strengthen its presence across the six GCC nations, including the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. The development will mark a significant step towards Titan’s global market expansion.
“After successfully establishing Tanishq across GCC countries and the USA, our ambition for a global jewellery play is now entering its next phase,” said MD, Titan, CK Venkataraman, according to the filing. “With Damas, Titan is moving beyond the diaspora focus and into broader nationalities and consumer segments,” Venkataraman added.
Titan posted a 12.97% increase in its net profit to ₹ 871 crore in the fourth quarter of fiscal year 2024-25 compared to ₹ 771 crore during the same quarter in the last fiscal year. Titan’s jewellery segments comprises brands like Tanishq, Zoya, CaratLane and Mia by Tanishq.
