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Time of India
21-07-2025
- Business
- Time of India
Titan to acquire 67% stake in Dubai-based Damas for $283 million in strategic Gulf expansion
Tata-owned Titan Company Ltd on Monday announced acquisition of 67% stake in Dubai-based luxury jewellery retailer Damas LLC (UAE) for $283.2 million (around Rs 2435.5 crore) in an all-cash deal to expand its presence in the six Gulf Cooperation Council (GCC) countries including the world's fifth largest gold market, United Arab Emirates. The acquisition will be undertaken by Titan's wholly owned subsidiary, Titan Holdings International FZCO, as per its stock exchange filing. Titan said the purpose is to acquire the entire jewellery business including the brand Damas. ET first broke the story on February 18, where it had indicated that the cost of acquisition will be around Rs 2,500 crore. Both the companies were negotiating on the valuation for quite some time. An industry executive said that talks had once failed earlier over valuation as Mannai Corporation had asked for Rs 3,000 crore. Fresh talks began again at the end of 2024. Damas LLC is the holding company for the entire jewellery business of Qatar-based Mannai Corporation QPSC. The company operates 146 stores across the six GCC countries such as UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain with the market size currently valued at $14.11 billion and projected to reach $24.04 billion by 2033. Titan said the deal will be financed through a combination of debt, cash balances and internal accruals. The company will also have the right to acquire the remaining 33% stake in Damas after December 31, 2029, subject to conditions agreed upon. Titan said the proposed acquisition will be completed on or before 31st January, 2026 subject to antitrust and other local approvals. Live Events C.K. Venkataraman, managing director of Titan, said in a press release that with the Damas acquisition, Titan is stepping out from its diaspora focus into other nationalities and ethnicities. He said the company's ambitions for a global jewellery play is moving to the next stage after a presence in the Gulf and USA. 'The acquisition not only creates a significant new global opportunity for Titan, but also enhances Titan's overall position in the jewellery market in the GCC countries and brings in multiple synergy benefits in talent, retail networks and supply chain,' he said. Titan's jewellery chain Tanishq already operates 13 stores in the region with 10 in the UAE, two in Qatar, and one in Oman. Last December, it opened a flagship boutique in Dubai Gold Souk. Other leading Indian jewellery chains currently present include Kalyan Jewellers, Malabar Gold & Diamonds and Joy Alukkas, though they are building their presence organically. While the deal was announced post trading hours, the Titan scrip closed at a gain of 0.92% at Rs 3433.3 a piece on Monday at the BSE when the benchmark Sensex was up 0.54%. As per the proposed transaction, Signature Jewellery Holding Limited will become a holding company after acquiring the fully-paid shares of Damas LLC and all the entities under Damas LLC (UAE) will become step-down subsidiaries of Signature Jewellery. The consolidated turnover of Damas LLC as of December 2024 was AED 1,461 million. The current Graff Monobrand franchisee business of Damas LLC will be discontinued before completion of the transaction. Alekh Grewal, group chief executive officer of Mannai Corp, said Mannai will continue to own a minority stake in Damas for the next four years as the growth plans for Damas are taken forward.

The Hindu
11-07-2025
- The Hindu
Major train accident averted near Valapattanam; probe under way
A major railway tragedy was narrowly averted near Valapattanam in the early hours of Friday (July 11) after a concrete slab was found on the track, in what police suspect was a clear attempt to derail an express train. The Valapattanam police have registered a case based on a complaint filed by Valapattanam station superintendent C.K. Anilkumar. The Railway Protection Force (RPF) has also initiated an investigation. The incident occurred around 2 a.m. when the Kochuveli- Bhavanagar Express, en route to Mangalauru, hit the concrete slab that was placed across the rail line about 100 meters from the Valapattanam railway station. The train rode over the obstruction, causing a jolt that alarmed the local pilot, who stopped the train and carried out an inspection. During the inspection, the loco pilot discovered pieces of the shattered concrete slab and an electrical earth pit cover on the track. Though two Rajdhani Express trains had passed through the same track prior to the incident, no obstructions were reported. This has led the railway authorities to suspect that the slab had been placed on the track shortly before the express train passed. The police, along with the RPF, reached the scene and carried out a detailed inspection. CCTV footages from surrounding areas too are being examined. The Valapattanam police said prima facie evidence suggested deliberate sabotage and the possibility of malicious intent cannot be ruled out. There have been similar incidents of stones and gravel being placed on the track in the past. But this time, it was a heavy concrete structure clearly meant to cause maximum disruption or a derailment, the railway officials said. Recurrence of such incidents on the stretch has raised concern and a high level inquiry has been initiated.


The Hindu
15-06-2025
- Climate
- The Hindu
Wayanad records high rainfall between June 2024 and May 2025, says Hume Centre
After four consecutive years of below-average rainfall, Wayanad has recorded significantly high rainfall between June 2024 and May 2025, according to the Kalpetta-based Hume Centre for Ecology and Wildlife Biology. The centre attributed the sudden increase to a normal southwest monsoon onset in 2024, followed by an early onset in May 2025, leading to prolonged wet conditions across the district. As per the rainfall monitoring data, Lakkidi recorded the highest rainfall in the district, with a staggering 7,611 mm over the 12-month period. Mattillayam (7,022 mm) and Niravilpuzha (6,463 mm) also reported exceptionally high totals, according to the centre. 'The high-altitude regions, located along the windward slopes of the Western Ghats, traditionally receive more rainfall, but this year's extended monsoon period further intensified the totals,' it said. 'We have had a hyper-local weather monitoring system in place for the past four to five years,' said centre director C.K. Vishnudas. Interior locations such as Thettamala, Kappikalam, and Boys Town followed closely, reinforcing the trend of widespread and heavy rainfall in the western and central parts of the district. The increased rainfall in these areas may raise concerns about soil saturation, waterlogging, and the potential for landslides, according to the centre. In contrast, the central and eastern parts of Wayanad reported relatively lower figures. Kalpetta, the district headquarters, received 3,245 mm, while Panamaram recorded 3,117 mm. The southeastern regions recorded the lowest rainfall. 'By analysing data from all stations, it was found that the district received an average rainfall of nearly 4,000 mm during this period. This marks a significant recovery from the previous four years, during which Wayanad consistently received less than the climatological average. Monsoon onsets were also delayed or erratic, disrupting agricultural schedules and water management systems,' the centre said.