Titan To Acquire 27% More Stake In CaratLane For $556 Mln

The proposed acquisition of 27.18% stake in CaratLane will boost Titan’s holding in its subsidiary to 98.28%
Titan To Acquire 27% More Stake In CaratLane For $556 Mln

Titan Company Ltd. agreed to acquire an additional 27.18% stake in online jewelry retailer CaratLane Trading Private Ltd. from its Founder Mithun Sacheti and his family members for 4,621 crore rupees ($556 million) cash.

Titan currently holds a 71.09% stake in CaratLane and the proposed acquisition will boost the company’s holding in its subsidiary to 98.28%, Tata Group-owned jewelry and watch maker said in a stock exchange announcement.

Titan, which first invested in CaratLane in 2016, said the deal is likely to be financed through a combination of cash balances, internal accruals and debt.

CaratLane started as a pure online brand in 2008 and it is an unlisted private company engaged in the manufacturing and sales of jewelry. The company’s turnover stood at 2,177 crore rupees in FY23.

The transaction, which is likely to closed by 31 October, will be subject to customary regulatory approvals and closing conditions.

(Note: $1 = 83.1352 Indian rupees)

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