Leading Indian jewelry conglomerate Titan Company has announced its intention to elevate its stake in the prominent e-commerce platform CaratLane to 98%, securing the remaining shares it did not previously hold. The acquisition, valued at INR 46.21 billion ($557.2 million), reflects Titan’s strategic move to reinforce its presence in the digital jewelry retail sector.
Currently possessing a 71% ownership stake in the online jewelry retailer, Titan Company is set to procure an additional 27% in an all-cash transaction. The official announcement was made on Saturday through a notice submitted to the Bombay Stock Exchange (BSE). This transaction is contingent upon receiving the necessary regulatory approvals.
The anticipated completion date for this acquisition is October 31, underscoring Titan’s commitment to swiftly finalize the deal. The decision to fortify its position in CaratLane aligns with Titan’s proactive strategy to further consolidate its influence in the ever-evolving landscape of online jewelry retail.
