Titan To Buy 67% In UAE-Based Damas For ₹24 Billion

Titan Co. Ltd. will acquire a 67% stake in UAE-headquartered Damas LLC for AED 1.04 billion (around ₹24 billion) in a cash deal expected to close by January. 31, 2026. The company signed a definitive agreement with Qatar-based Mannai Corp. QPSC through its subsidiary Titan Holdings International FZCO.

Titan will have the first right to buy the remaining 33% stake after December 31, 2029, subject to conditions. The acquisition will be funded via debt, internal accruals, and cash reserves.

The deal marks a key step in Titan's strategy to expand its jewellery business beyond the Indian diaspora, with access to the wider Gulf Cooperation Council markets, including Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, and the UAE. The transaction is subject to regulatory and other approvals.