(Reuters) -Titan Company will buy a 67% stake in Dubai-based luxury brand Damas from Qatar’s Mannai Corporation at an enterprise value of 1.04 billion dirham ($283.2 million), potentially making it one of the largest Indian jewellers in the Middle East.
The Tata Group company expects to complete the deal by January 31, 2026 and will have the right to acquire the remaining 33% stake in Damas after December 31, 2029, it said in an exchange filing on Monday.
Titan has had a presence in the UAE since October 2020 through its Tanishq jewellery stores.
After the deal, Titan, which has about seven stores in the United Arab Emirates, will gain access to Damas’ 146 stores across the six Gulf Cooperation Council (GCC) countries – UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.
The Middle East is home to a large Indian diaspora, for whom gold is a traditional investment choice.
“For a large retailer looking to get a foothold in the (GCC) market, we view this (Damas) as an attractive asset given the strong brand presence and store network,” analysts at Investec wrote in a July 7 note following media reports about a possible sale.
Other Indian jewellers in the region include the likes of Kalyan Jewellers, Joyalukkas and Malabar Gold & Diamonds.
Damas, which was previously listed on Nasdaq Dubai, was taken over by Mannai and Egyptian investment bank EFG Hermes in 2012 for $445 million. EFG Hermes sold its entire 19% stake in the jeweller in 2014 to Mannai.
Mannai will use the proceeds to support further expansion of its core trade and IT services businesses along with reducing the group debt, Group Chief Executive Officer Alekh Grewal said.
Standard Chartered was Titan’s advisor for the deal.
($1 = 3.6727 UAE dirham)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala and Vijay Kishore)
