In a significant development months after the death of late billionaire Ratan Tata Tata Groups jewellery maker Titan is expected to acquire a majority 67 per cent stake in UAE-based Damas Jewellery. In an all-cash deal the countrys leading branded jewellery maker signed the deal aiming at expanding business in GCC countries. As per a report by news agency PTI Titans wholly-owned subsidiary Titan Holdings International FZCO on Monday signed a definitive agreement with Mannai Corporation for the purchase of its 67 per cent shareholding in Damas LLC (UAE) the current holding company for Damas jewellery business in GCC countries. The consideration for the proposed transaction is arrived on the basis of the enterprise value of AED 1038 million (nearly Rs 2438.56 crore) said a joint statement. What should you know about Damas Jewellery? Founded in 1907 Damas Jewellery has a network presence of 146 stores across six GCC countries. It had a revenue of AED 1461 million (around Rs 3450.2 crore) in FY24. The purpose of acquisition is to acquire the entire jewellery business including the brand ‘Damas’ held by Mannai Corporation in GCC countries through Damas LLC (UAE) it said. Why Titan is acquiring stake in Damas Jewellery? Titan expects the proposed transaction to be completed before January 31 2026 subject to regulatory clearances. As per the Proposed Transaction Titan Holdings will acquire 67 per cent shareholding subject to conditions precedent specified in the Definitive Agreement and relevant regulatory approvals as may be required in the applicable jurisdictions it said. This deal is strategically significant for Titans jewellery business as it will facilitate the expansion across the six GCC countries - UAE Saudi Arabia Qatar Oman Kuwait and Bahrain said Titan. However after four years by the end of 2029 Mannai shall have the right to sell and Titan Holdings shall have the right to acquire the balance 33 per cent shareholding in the holding company subject to conditions agreed upon. (With inputs from agencies)