Overview

• Titan’s Rs 2,357.25 crore purchase from Mannai secures control of Damas’s century-old brand and 146 outlets across the UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.
• The deal is subject to customary antitrust and other regulatory approvals and is expected to close by January 31, 2026.
• Titan holds a call option to acquire the remaining 33% stake in Damas any time after December 31, 2029.
• The acquisition marks a strategic shift beyond its traditional diaspora focus as Titan targets broader national demographics in the Gulf Cooperation Council market.
• Alongside the takeover, Titan has earmarked Rs 150–200 crore to launch De Beers partnership diamond expertise centres at 200 Tanishq outlets this fiscal to elevate natural diamond retailing services.