India's Titan Company on Monday said it would acquire a majority stake in UAE's Damas LLC, the current holding company for Damas jewellery business in GCC countries, from Mannai Corporation for an enterprise value of Dh1.038 billion.

Titan Holdings will hold 67 per cent of the equity share capital and voting rights in Damas.

It hopes to complete acquisition by January 31, 2026. It will have the right to acquire the remaining 33 per cent stake after December 31, 2029, it said in a statement to the National Stock Exchange, where it is listed.

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The acquisition will facilitate the fashion accessories manufacturer's expansion across six GCC countries. Founded in 1907 in Dubai, Damas has a network presence of 146 stores across GCC.

Mannai Corporation is a publicly listed company headquartered in Qatar with activities mainly focused on the business-to-business segment based on trade and IT services.

“After successfully establishing Tanishq in 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,” said CK Venkataraman, managing director of Titan.

“The acquisition not only creates a significant new global opportunity for Titan, but also enhances Titan's overall position in the jewellery market in GCC countries and brings in multiple synergy benefits in talent, retail networks and supply chain,” Venkataraman said.

Alekh Grewal, group CEO of Mannai Corporation, said Damas became a subsidiary of Mannai in 2012, and the time has come for investment in the next phase of its expansion in the region.

“We are confident that the combination of Damas and Titan will drive Damas in the next chapter of its growth trajectory in the GCC. Mannai will continue to own a minority 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 debt,” said Grewal.

As per the proposed transaction, Signature Jewellery Holding Limited, a DIFC company, will become a holding company after acquiring the fully-paid shares of Damas LLC and its subsidiaries.

Damas recorded a turnover of Dh1.461 billion in 2024. The acquisition would be subject to certain conditions and regulatory requirements.

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