Titan shares gain as firm announces acquisition of majority 67% stake in UAE-based Damas Jewellery

tan shares gain on acquisition of a majority 67% stake in UAE-based Damas Jewellery. 

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26 Aug, 2025 12:21

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Titan shares gained in July 22 trading session as the country's leading branded jewellery maker company announced to acquire a majority 67 percent stake in UAE-based Damas Jewellery in an all-cash deal. The move will help the Tata group-managed firm to expand business in GCC countries.

Shares of Titan Company Ltd. surged nearly 1 percent higher at Rs 3,454.4 per share on the NSE, up 0.62 percent.

Titan's wholly-owned subsidiary Titan Holdings International FZCO on Monday signed a definitive agreement with Mannai Corporation for the purchase of its 67 percent 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 Rs 2,438.56 crore)," said a joint statement.

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

Damas, headquartered in Dubai, became a subsidiary of Mannai in 2012, and the time has come for investment in the next phase of its expansion in the region, said Grewal.

Titan Company is a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO). It had commenced its operations in 1987 under the name Titan Watches and later in 1994, Titan diversified into Jewellery (Tanishq) and subsequently into EyeCare.

In FY'25, Titan's revenue from operations was at Rs 57,339 crore, in which its jewellery division contributed Rs 46,571 crore, which is over 81 percent.

(PTI Inputs) 

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