Titan Company, the watches and jewellery arm of the Tata Group, is in discussions with Qatar-based Mannai Corporation to acquire a significant stake in Damas Jewellery, a leading retailer in West Asia, The Economic Times reported.
The discussions are centred around the valuation of Damas, which is estimated at Rs 4,500 crore (approximately $518 million). However, the two sides have yet to reach a consensus, according to sources cited by the publication.
This is the second time Titan and Damas have explored a deal. A previous round of negotiations held a few years ago, fell through due to differences over valuation.
Damas, headquartered in Dubai, has been fully owned by Mannai Corp since its acquisition in April 2012. The Qatari conglomerate has been looking to divest the jewellery retailer for the past two years. According to the newspaper, prior discussions with two leading South Indian jewellers did not materialize, and talks with Tanishq, Titan’s jewellery brand, began a year ago.
Titan, Mannai, and Damas have not commented on the matter, the ET report added.
Moneycontrol could not independently verify the report.
Tanishq has been expanding its footprint in the Gulf Cooperation Council (GCC) region, opening its flagship store at Dubai’s Gold Souk in January. The brand also operates in Doha, Sharjah, and Abu Dhabi, catering primarily to the Indian diaspora.
In a bid to appeal to a wider customer base, Tanishq has introduced collections inspired by Arabic motifs and tailored its store designs to local preferences, including boutique layouts in Qatar.
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