Titan in talks to buy $293 mn stake in Damas: report

Titan Co. Ltd is poised to acquire a 72% stake in Damas International for about Rs2,500 crore ($293 million), The Economic Times reported, citing people in the know.

The remaining 28% stake will remain with Qatar-based Mannai Corp., the company’s owner, according to ET.

Titan has reportedly started due diligence as part of the acquisition process.

The two companies have been negotiating a deal, with Damas proposing an initial valuation of Rs3,000 crore, the ET report said, adding that the they have reached a preliminary agreement.

The deal is expected to close during the second quarter of fiscal 2026.

The move bears resemblance to Titan’s approach with CaratLane, where it first acquired a majority holding in 2016 before buying out the remaining shares in a later phase.

Damas, which has a significant presence in the Middle East, operates 251 outlets across the Gulf Cooperation Council (GCC) region, and offers both in-house designs and products from global jewelry and watch brands such as Graff, Fope, Mikimoto, and Parmigiani.

Meanwhile, Titan, a Tata Group entity, sells jewelry under brands including Tanishq, Zoya, CaratLane, and Mia by Tanishq.

Tanishq itself operates 13 outlets in the Gulf, including a flagship location opened in Dubai Gold Souk in December 2024.