CORPORATE
Titan acquires 67% in Dubai-based Damas from Qatar’s Mannai Corporation
- IBJ Bureau
- Jul 22, 2025
Titan Company will buy a 67 per cent stake in Dubai-based luxury brand Damas from Qatar’s Mannai Corporation. The Rs 2,438-crore deal is expected to be completed by January 31, 2026.
The Tata Group company will have the right to acquire the remaining 33 per cent stake in Damas after December 31, 2029, Titan has said in an exchange filing.
Titan has had presence in the UAE since October 2020 through its Tanishq jewellery stores.
After the deal, Titan, which has about seven stores in the UAE, will gain access to Damas’ 146 stores across the six Gulf Cooperation Council (GCC) countries – the 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 of Investec have written 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 had sold its entire 19 per cent 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 has said.
Standard Chartered was Titan’s adviser for the deal.
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