Tata Group's Titan Company is reportedly in advanced talks to acquire up to a 72% stake in UAE-based jewellery retail chain Damas International from its parent company.
According to The Economic Times (ET), the deal discussions began in February this year, and Titan has now initiated due diligence for the proposed acquisition. While Damas is said to have sought Rs 3,000 crore for the stake, Titan has reportedly agreed to a valuation of around Rs 2,500 crore. Post-deal, current owner Mannai Corporation is expected to retain a 28% stake in the company.
The transaction is likely to be finalised in the second quarter of FY26, ET reported, citing sources.
This marks the second time Titan has entered discussions to acquire a stake in Damas International, following earlier talks that reportedly fell through due to valuation disagreements.
Damas International, wholly owned by Dubai-based Mannai Corp, operates 251 stores across the GCC. The company offers a mix of in-house jewellery collections and international luxury brands including Graff, Roberto Coin, Mikimoto, and Forevermark.
Titan is expanding rapidly in West Asia and other global markets. In the fourth quarter, Tanishq entered new locations in Sharjah (UAE), Atlanta, and Santa Clara (USA). Its international presence now includes 23 stores—21 Tanishq and 2 Mia outlets—across countries including Singapore. CaratLane also has one store in New Jersey, USA.
In Q4 FY25, Titan reported a total income of Rs 12,730 crore, up 22% from Q4 FY24. EBIT rose 23% to Rs 1,470 crore, and profit before tax (PBT) also increased 23% to Rs 1,218 crore.
For the full financial year FY25, Titan’s total income grew 22% to Rs 57,818 crore. EBIT rose 5% to Rs 5,488 crore, while PBT declined 2% to Rs 5,535 crore, mainly due to a cut in gold import duties.
