TATA Group company Titan set to add Rs 2,500 crore Damas facet to portfolio

Titan Co is in advanced talks to pick up a 72% stake in Damas International, a prominent Gulf jewellery retailer, for an estimated Rs 2,500 crore. The remaining 28% will continue to be held by Mannai Corp which owns Damas, reports Economic Times.

The price was arrived at after Damas is said to have sought Rs 3,000 crore from Titan. Both parties have reached a preliminary agreement, and the deal is likely to be finalised in the second quarter of FY26.

Damas International, a wholly owned subsidiary of Dubai-based Mannai Corp, is a well-known jewellery retailer in the Gulf Cooperation Council (GCC) region. A network of 251 stores offers an attractive combination of Damas inhouse collections of jewellery along with a wide range of international brands.