The country’s leading branded jewellery maker Titan will acquire a majority 67 per cent stake in UAE-based Damas Jewellery in an all-cash deal, a move which helps the Tata group-managed firm to expand business in GCC countries.

Titan’s wholly-owned subsidiary Titan Holdings International FZCO on Monday signed a definitive agreement with Mannai Corporation for the purchase of its 67 per cent shareholding in Damas LLC (UAE), the current holding company for Damas jewellery business in GCC countries.

“The consideration for the proposed transaction is arrived on the basis of the enterprise value of AED 1,038 million (nearly ₹2,438.56 crore),” said a joint statement.

Founded in 1907, Damas Jewellery has a network presence of 146 stores across six GCC countries. It had a revenue of AED 1,461 million (₹3,450.2 crore) in FY’24.

“The purpose of acquisition is to acquire the entire jewellery business, including the brand ‘Damas’ held by Mannai Corporation in GCC countries through Damas LLC (UAE),” it said.

Titan expects the proposed transaction to be completed before January 31, 2026, subject to regulatory clearances.

“Under the proposed transaction, Titan Holdings will acquire a 67 per cent shareholding,” it said.

However, after four years, by the end of 2029, Mannai shall have the right to sell and Titan Holdings shall have the right to acquire the balance 33 per cent shareholding in the holding company, subject to conditions agreed upon.”

This deal is “strategically significant” for Titan’s jewellery business as it will facilitate the expansion across the six GCC countries - UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain, said Titan.

“The region is exhibiting robust economic growth, creating a demand for differentiated, high-quality offerings rooted in Arabian aesthetic and appealing to sophisticated clientele seeking unique, culturally resonant designs,” it said.

Commenting on the development, Titan MD C.K. Venkataraman 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. Damas is a prestigious brand revered in the GCC markets for its product innovation, quality and customer experience,” he said.

Damas jewellery’s rich brand legacy and strong presence in the GCC region align perfectly with Titan’s vision.