Titan has entered into an agreement to acquire a 67% stake in Dubai-based jewellery firm Damas from Qatar-based Mannai Corporation. The consideration for the proposed transaction is based on an enterprise value of AED 1,038 million ($ 282 million).
The Tata Group company, which runs Tanishq jewellery stores in India abroad, would also have the option to acquire the balance 33% stake from Mannai after 31st December 2029.
Titan said the acquisition is strategically significant for its jewellery business as it will facilitate expansion across the six Gulf Cooperation Council (GCC) countries of UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. The current Graff Monobrand Franchisee business of Damas LLC will be discontinued before completion of the proposed transaction (on or before 31st January 2026).
C.K. Venkataraman, Managing Director of Titan, said that after successfully establishing Tanishq in the GCC countries and the USA, their ambition for a global jewellery play is moving to the next stage.
“With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities…The acquisition not only creates a significant new global opportunity for Titan, but also enhances Titan’s overall position in the jewellery market in the GCC countries and brings in multiple synergy benefits in talent, retail networks and supply chain,” added Venkataraman.