Latest news with #Venkataraman
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Business Standard
22-07-2025
- Business
- Business Standard
Will Titan's 67% acquisition of Damas boost profitability in GCC region?
Titan share price: Titan shares were in focus today after the company announced that Titan Holdings International FZCO, its wholly owned subsidiary, has entered into a Definitive Agreement with Damas International Limited, a UAE-based wholly owned subsidiary of Mannai Corporation QPSC, Qatar. On the bourses, Titan share price popped about 0.75 per cent to an intraday high of ₹3,459.35 per share. At 9:50 AM, Titan share price was trading at day's high levels, up 0.75 per cent at ₹3,459. In comparison, BSE Sensex was up 0.20 per cent at 82,368.38 levels. The agreement with Damas International pertains to the proposed acquisition of a 67 per cent stake in Damas LLC (UAE), the current holding company for the Damas jewellery business across the GCC region. C K Venkataraman, managing director of Titan, said, 'After successfully establishing Tanishq in the GCC countries and the USA, our ambition for a global jewellery play is moving to the next stage. With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities.' 'Damas is a prestigious brand revered in the GCC markets for its product innovation, quality and customer experience. The brand's rich legacy and strong presence in the GCC region align perfectly with our vision to deliver exceptional value to customers through iconic, consumer-focused businesses. 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. We are happy to welcome Damas into the Titan family. We look forward to building on Damas' rich heritage while driving the brand's sustainable growth journey together with Mannai Corporation," Venkataraman added. As part of the transaction, Titan Holdings will acquire the 67 per cent shareholding, subject to the fulfillment of conditions precedent outlined in the agreement, along with necessary regulatory approvals in applicable jurisdictions. 'The valuation for acquisition of 67 per cent of the target entity for the Proposed Transaction is arrived at on the basis of an Enterprise Value (EV) of AED 1,038 million. The net consideration would be subject to customary adjustments for debt/cash/ other adjustments,' Titan said, in a statement. Additionally, after December 31, 2029, Mannai will have the right to sell, and Titan Holdings will have the right to acquire the remaining 33 per cent stake in Damas LLC. This future transaction will be governed by terms and conditions set forth in the definitive agreement. 'The Proposed Transaction is strategically significant for Titan's jewellery business as it will facilitate the expansion across the 6 GCC countries of UAE, Saudi Arabia, Qatar, Oman. Kuwaij and Bahrain. The region is exhibiting robust economic growth creating a demand for differentiated, high quality offerings rooted in Arabian aesthetic and appealing to sophisticated clientele seeking unique, culturally resonant designs,' Titan added. JM Financial on Titan-Damas Deal Analysts at JM Financial noted that Titan's acquisition of a 67 per cent stake in Damas LLC marks a major strategic move, granting the company access to the Damas jewellery business (excluding the Graff Monobrand franchise). The deal values Damas at an enterprise value of AED 1,038 million, or 0.7x EV/sales for CY24. The brokerage highlighted several positives from the transaction. It positions Titan among the top 3-4 players in the world's fourth-largest jewellery market, provides access to 146 premium retail locations in the UAE, and presents an opportunity to boost profitability in the GCC region through synergies across talent, retail networks, and supply chains. JM Financial, however, is not incorporating the acquisition into its financial estimates yet, pending more granular details such as profit and loss, balance sheet, and cash flow data. However, the brokerage maintains a 'Buy' rating on Titan with a target price of ₹3,725, valuing it at 57x Mar'27 EPS. Meanwhile, Morgan Stanley reportedly has maintained its 'Overweight' stance on Titan, with a target price of ₹3,876 per share.
New Indian Express
21-07-2025
- Business
- New Indian Express
Titan to acquire majority stake in Dubai jewellery firm Damas, expand presence in Gulf countries
Titan has entered into an agreement to acquire a 67% stake in Dubai-based jewellery firm Damas from Qatar-based Mannai Corporation. The consideration for the proposed transaction is based on an enterprise value of AED 1,038 million ($ 282 million). The Tata Group company, which runs Tanishq jewellery stores in India abroad, would also have the option to acquire the balance 33% stake from Mannai after 31st December 2029. Titan said the acquisition is strategically significant for its jewellery business as it will facilitate expansion across the six Gulf Cooperation Council (GCC) countries of UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. The current Graff Monobrand Franchisee business of Damas LLC will be discontinued before completion of the proposed transaction (on or before 31st January 2026). C.K. Venkataraman, Managing Director of Titan, said that after successfully establishing Tanishq in the GCC countries and the USA, their ambition for a global jewellery play is moving to the next stage. 'With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities…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," added Venkataraman.
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.
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Business Standard
21-07-2025
- Business
- Business Standard
Titan to acquire majority stake in Dubai-based jewellery retailer Damas
Titan Company, through its wholly owned subsidiary Titan Holdings International, has signed an agreement to acquire a 67 per cent stake in Dubai-based Damas LLC from Mannai Corporation in an all-cash deal valued at AED 1,038 million (Rs 2,439 crore), the company said in a stock exchange filing. Damas LLC is the holding company for Damas' jewellery business in GCC (Gulf Cooperation Council) countries. The current Graff Monobrand Franchise business of Damas LLC will be discontinued before the completion of the proposed transaction. Post-restructuring, Signature Jewellery Holding will become the holding company for Damas, and all entities under Damas LLC (UAE) will become step-down subsidiaries of Signature Jewellery Holding, the filing added. The proposed transaction is expected to be completed on or before 31 January 2026, subject to certain conditions precedent, customary closing adjustments, and approvals from anti-trust and other regulatory authorities in certain jurisdictions. The transaction is expected to be financed through a combination of debt, cash balances, and internal accruals. 'The proposed transaction is strategically significant for Titan's jewellery business as it will facilitate expansion across the six GCC countries of UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain,' Titan said in its release. The company added that the region is exhibiting robust economic growth, creating demand for differentiated, high-quality offerings rooted in Arabian aesthetics and appealing to sophisticated clientele seeking unique, culturally resonant designs. Post-completion of the acquisition, Titan Holdings will have the option to acquire the remaining 33 per cent stake from Mannai after December 31, 2029, subject to conditions agreed upon in the definitive agreement. CK Venkataraman, Managing Director of Titan, said in the release, 'After successfully establishing Tanishq in the GCC countries and the USA, our ambition for a global jewellery presence is moving to the next stage. With the Damas acquisition, Titan Company is expanding from its diaspora focus to other nationalities and ethnicities.' He added that Damas is a prestigious brand revered in the GCC markets for its product innovation, quality, and customer experience. "The brand's rich legacy and strong presence in the GCC region align perfectly with our vision to deliver exceptional value to customers through iconic, consumer-focused businesses," Venkataraman said. '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, bringing multiple synergy benefits in talent, retail networks, and supply chain. We are happy to welcome Damas into the Titan family and look forward to building on Damas' rich heritage while driving the brand's sustainable growth journey, together with Mannai Corporation,' Venkataraman added. Damas Jewellery, founded in 1907 and headquartered in Dubai, UAE, is a premier jewellery retailer in the Middle East with a network of 146 stores. Alekh Grewal, Group Chief Executive Officer of Mannai Corporation, said in the release, 'Damas, headquartered in Dubai, became a subsidiary of Mannai in 2012, and the time has come to invest in the next phase of its expansion in the region.' 'We are delighted that Titan is taking the opportunity to invest in the future of Damas. Both Titan and Damas share the same values in terms of passion for beautiful jewellery, innovative design, and dedicated customer service. We are confident that the combination of Damas powered by Titan will drive Damas into the next chapter of its growth trajectory in the GCC,' Grewal said. He added that Mannai will continue to own a majority stake in Damas for the next four years as growth plans for Damas are taken forward. 'It is intended that the proceeds of the sale transaction will be deployed by Mannai to strengthen its resources in support of further expansion of its core trade and IT services businesses, in addition to reducing the group's debt,' he said.
Time of India
06-07-2025
- Time of India
Why did al-Qaida linked terrorist group abduct Indians in Mali? Relative shares chilling account
The family of P Venkataraman , a resident of Odisha's Ganjam district and one of the three Indians kidnapped by an al-Qaeda-linked terrorist group in Mali, has said that the abductors are demanding ransom. Speaking to ANI on Saturday, Venkataraman's brother-in-law said, 'Venkat last called me on June 30. He worked at a cement factory in Mali, West Africa. He said the company had restricted their movement because terrorists were nearby. This kidnapping happened on July 1.' Initially, the family was informed that Venkataraman was in police custody following a fire at the factory allegedly set by terrorists. However, they later learned that he had been abducted. 'We got a call from the company saying he and some others were in police custody because terrorists had set the factory on fire. But then international news reports claimed that al-Qaeda had kidnapped people. When we called the company to confirm, they asked us not to leak the information and said the terrorists were demanding ransom,' the brother-in-law said. He added, 'We waited for a few days and then approached the police. I also called and emailed the embassy but got no response. I demand that my brother-in-law be brought back home safely.' Live Events Confirming the incident, Sub-Collector Shibashish Baral told ANI, 'Information about the abduction was reported by the family, and the local administration immediately reached out to them. The government has been informed and is taking necessary steps.' The Ministry of External Affairs (MEA) has expressed grave concern over the abduction of the three Indian workers from a factory in Mali's Kayes region. In a statement on Wednesday, the MEA urged Malian authorities to ensure their "safe and expeditious" rescue. 'It has come to the knowledge of the Government of India that many military and government installations at multiple locations in western and central Mali were attacked by terrorists on July 1,' the MEA said. The assault also targeted the Diamond Cement Factory in Kayes, where the Indian nationals were employed. Calling the act 'deplorable,' the MEA condemned the incident and reiterated India's strong opposition to violence against its citizens abroad. It said the Indian embassy in Bamako is in 'close and constant communication' with Malian authorities, law enforcement, and the management of the Diamond Cement Factory, as well as with the families of the abducted individuals. With inputs from ANI
