Titan acquires majority stake in Dubai's Damas for $283 million

WWatch and jewellery retailer Titan Co. Ltd, through its wholly owned subsidiary Titan Holdings International, on Monday announced the acquisition of a majority stake in Dubai-based jeweller Damas Llc (UAE) for $283 million or 1.04 billion dirham.

- Suneera Tandon

Titan, via its fully owned arm, has entered an agreement to acquire a 67% stake in Damas's current holding company for its jewellery business in Gulf Cooperation Council (GCC) countries from publicly listed Mannai Corp., headquartered in Qatar, according to a regulatory filing by Titan.

The purpose of the acquisition is to acquire the entire jewellery business, including the brand Damas, held by Mannai in the GCC countries.

As of 31 March, Tanishq operates 13 stores in GCC countries and two Mia by Tanishq outlets.