Titan buys 67% stake in UAE’s Damas, eyes full ownership by 2029

Titan Holdings, a wholly owned subsidiary of Tata Group-owned Titan Company will be acquiring 63% stake in UAE-based Damas International Limited.

"Titan Holdings International FZCO, a wholly owned subsidiary of the Company, has today signed an Agreement for Sale and Purchase of Shares with Damas International Limited, UAE, a wholly owned subsidiary of Mannai Corporation QPSC, Qatar (“Mannai”) for the purchase of 67% shareholding in Damas LLC (UAE), the current holding company for Damas jewellery business in GCC countries," Titan Company informed told BSE.

According to the stock exchange filing, the value of the mega acquisition in the jewelry industry is 1.04 billion dirham ($283.2 million).

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Titan is expected to complete the deal by the end of January 2026. Besides, the Tata Group will also have the right to acquire the remaining 33% stake in Damas after December 31, 2029.

"As per the Proposed Transaction, Titan Holdings will acquire a 67% shareholding subject to conditions precedent specified in the Definitive Agreement and relevant regulatory approval. After 31st December 2029, Mannai shall have the right to sell and Titan Holdings shall have the right to acquire the balance 33% shareholding in the holding company, subject to conditions agreed upon in the definitive document in this regard," it added.

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With this deal, Titan's store count in the Middle East region will rise exponentially. At present, Titan's jewellery brand Tanishq has seven stores in the United Arab Emirates. Post the acquisition, the company will gain access to Damas'146 stores across the six GCC countries – UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.

Damas LLC has operations in all GCC countries, and the consolidated turnover of Damas LLC in FY 2024 stood at AED 1,461 million compared to AED 1,332 million in FY2023.

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Titan's jewellery division, comprising Tanishq, Mia, CaratLane and Zoya, reported a 21% rise in revenue to Rs 46,571 crore in fiscal year 2025.

However, Titan Holdings incurred a loss of AED 0.8 million (Rs 1.83 crore) in FY25 against the previous year’s loss of AED 9.3 million (Rs 21 crore).

Titan International QFZ LLC., a Wholly Owned Subsidiary of TH, carries out jewellery business activities in Qatar and started operations during the Financial Year 2023-24. The Company registered a turnover of QAR 31.5 million (Rs 73.78 crore) and incurred a loss of QAR 6.57 million (Rs 15.4 crore) against the previous year’s turnover of QAR 16.3 million (Rs 37.1 crore) and a loss of QAR 1.8 million (Rs 4 crore).