Titan Company Acquires Additional 27.18% Stake In Caratlane

Titan Company Ltd. on Saturday, August 19, announced that it is buying an additional 27% stake in CaratLane Trading Private Ltd. The additional stakes in Caratlane will be purchased by Titan for a total amount of Rs 4,621 crore.

Titan's stake in the company has increased from 71.09% to 98.28% on a fully diluted basis as a result of this arrangement.

"Titan Company Limited (the Company) has entered into a Share Purchase Agreement today to acquire the entire 91,90,327 equity shares held by the Founder of CaratLane Trading Private Limited (CaratLane) and his family members representing 27.18% of the total paid-up equity share capital of CaratLane on a fully diluted basis," the company said in a filing.

It added, "CaratLane is a subsidiary of the Company and on completion of the aforesaid share purchase, would result in an increase in shareholding of the Company in CaratLane from 71.09% to 98.28% on a fully diluted basis."

The indicative time period for completion of the acquisition would be 31st October 2023, subject to the timely receipt of requisite approvals, according to the filing by Titan.

Caratlane recorded a turnover of Rs 2,177 crore in fiscal year 2023, up from Rs 1,267 Crore in fiscal year 2022. CaratLane is an Unlisted company that makes and sells jewellery.

Commenting on the announcement C K Venkataraman, Managing Director, Titan, said, "Titan has always prided itself in building strong brands that are amongst the leaders in their categories. We have great faith in the India Consumer story and believe that the growth journey of CaratLane has only begun and has a long way to go. We thank Mithun Sacheti, Founder and Managing Director of CaratLane for having jointly built a customer-centric brand that all of us in Tata Group can be proud of and wish him continued success in his future endeavours."

Mithun Sacheti, Founder and Managing Director, CaratLane, added: "Having dreamt of making beautiful jewellery accessible and affordable to all, I am immensely proud of what we have collectively achieved at CaratLane in the past 15 years and where the business stands today. Looking into the future, there couldn't be a more ideal destination for CaratLane than Titan and the esteemed Tata Group who will provide the perfect opportunities for CaratLane to continue to grow from strength to strength. I whole-heartedly thank Titan as well as extend my heartfelt gratitude to colleagues, partners and million+ customers whose support and love has paved the way to our success and made it India's largest digitally native omni-channel jewellery brand. I wish CaratLane and all those associated with it many more successes in times to come."

About - Titan Company Limited

The Titan Company Limited (Titan) was incorporated in 1984 as a joint venture between the TATA Group and Tamil Nadu Industrial Development Corporation (TIDCO). The company was initially started with an objective to create a Titan watch for everyone has now grown to be the fifth largest integrated watch manufacturer in the world. The company has diversified into other categories such as Jewellery & Eye Wears.