Big Deal News: Titan's biggest international deal after market closes! Announcement to buy Dubai's jewellery company

News Topical, Digital Desk : Tata Group's jewellery company Titan Company Limited has made a big announcement on Sunday, 20 July 2025. The company has announced a big deal with a UAE company in the exchange filing. Under this, Titan's subsidiary Titan Holdings International FZCO has signed an agreement with Qatar's Mannai Corporation QPSC to buy 67% stake in Damas LLC (UAE). The deal between the two companies is expected to be completed by 31 January 2026.

The enterprise value of this deal is 1,038 million dirhams (AED). The company said that regulatory approvals are yet to be obtained to complete it. Let us tell you that before the announcement of this deal on Monday, this stock closed at Rs 3,428 per share with a gain of 0.74%.

Titan Holdings can buy the remaining 33% stake from Mannai after 31 December 2029. Damas LLC's existing Graff Monobrand franchise business will be closed before the completion of this deal. 

Damas Jewellery is a big jewelry company in Dubai Damas Jewellery was started in the year 1907. Damas Jewellery, headquartered in Dubai, UAE, is a large jewelry retail company in the Middle East. It has 146 stores in GCC countries (UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain). This acquisition will give Titan a strong position in the GCC region and increase its global jewelry business. 

What did Titan's management say on the deal? Titan's Managing Director C.K. Venkataraman said, "After the success of Tanishq in GCC countries and the US, our global jewellery business is now moving to the next phase. With the acquisition of Damas, we are reaching beyond the Indian diaspora to other countries and communities. Damas is an iconic brand, known for product innovation, quality and customer experience. Its rich history and strong presence in the GCC perfectly match our vision." 

What did Mannai say about this deal? Alex Grewal, Group CEO of Mannai Corporation, said, "Mannai is a public listed company, which is mainly focused on business and IT services. Damas became our subsidiary in 2012. Now is the time to invest in the next phase of its expansion. We are happy that Titan is investing in the future of Damas. Both companies share the same values ​​of beautiful jewellery, new designs and customer service. We are confident that Damas will write a new growth story in the GCC with Titan."

Funding and Strategy Titan will fund the acquisition through a mix of debt, cash reserves and internal accruals. The company will leverage synergies in talent, retail network and supply chain to enhance Damas' growth and profitability.
 

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