According to reports, Titan, India’s top jewellery maker, has acquired a majority 67% stake in UAE-based Damas Jewellery in an all-cash deal. Key highlights include:
• Titan’s subsidiary signed an agreement with Mannai Corporation for AED 1,038 million.
• Damas Jewellery, established in 1907, operates 146 stores in six GCC countries.
• The acquisition aims to expand Titan’s presence in GCC countries like UAE and Saudi Arabia.
Officials stated that the deal is strategically vital for Titan’s business expansion in the region. The move signifies growing Indian business interests in the Middle East jewellery market.
Source: Business News Today, Latest Finance News | The Hindu