With both players reaching a preliminary agreement, the reports state that the deal is expected to be finalised in the second quarter of the current financial year (FY26)
Aiming to replicate its successful CaratLane acquisition model, Titan Co is in talks to acquire a 72 per cent stake in the Gulf jewellery retailer Damas International for an estimated Rs 2,500 crore, as per the media reports.
The reports highlighted that the company has commenced due diligence. As far as the remaining 28 per cent stake is concerned, it will continue to be held by Mannai Corp, the reports added. Damas International is owned by Mannai Corp.
With both players reaching a preliminary agreement, the reports noted that the deal is expected to take its final shape in the second quarter of the current financial year (FY26). The reports also mentioned that Damas sought Rs 3,000 crore from Titan, which was later likely to have arrived at Rs 2,500 crore.
The media reports noted that the company is eyeing to follow the CaratLane acquisition route, where it initially picked up a 62 per cent stake and then went after the full ownership later. A jewellery retailer in the Gulf Cooperation Council (GCC) region, Damas International’s 251-store network offers a combination of its in-house jewellery collection as well as a wide range of international brands.
