Titan Company Limited completed the acquisition of an additional 27.18% stake in CaratLane Trading Private Limited.
November 27, 2023
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Titan Company Limited (BSE:500114) entered into an agreement to acquire additional 27.18% stake in CaratLane Trading Private Limited for INR 46.2 billion on August 19, 2023. On completion of the share purchase, would result in an increase in shareholding of Titan Company in CaratLane from 71.09% to 98.28% on a fully diluted basis. The transaction is expected to be financed through a combination of cash balances, internal accruals and debt. The transaction will be subject to received approval from the Competition Commission of India. The transaction is expected to close on October 31, 2023. Nikhil Naredi advised on LODR and other compliances applicable to a listed company. Shweta Shroff Chopra, Manika Brar and Manav Nagaraj of Shardul Amarchand Mangaldas & Co acted as legal advisor to Titan Company. Essaji Vahanvati and Siddharth Prasad of Ramanathan & Vahanvati and Samir Gandhi and Rahul Rai of Axiom5 Law Chambers acted as legal advisors to the sellers in the transaction, Avendus Capital Private Limited acted as financial advisor to Carat Lane Trading Private Limited. As on November 21, 2023, Competition Commission of India approved the transaction.
Titan Company Limited (BSE:500114) completed the acquisition of an additional 27.18% stake in CaratLane Trading Private Limited on November 28, 2023. BofA acted as Sole Financial Advisor to Titan in the transaction.
Titan Company Limited specializes in the design, manufacture and marketing of watches, jewellery, eyewear and fashion accessories. Net sales break down by product family as follows:
- jewellery items (88.5%): gold jewellery decorated with diamonds and precious stones, pure gold and platinum jewellery (Tanishq, Zoya, Mia, Carat Lane and Gold Plus brands);
- watches (7.3%): sold under own brands (Titan, Fastrack, Sonata, Favre Leuba, Xylys and Nebula), and under license brands (Tommy Hilfiger, Police, FCUK, Annie Klein, Kenneth Cole and Esprit);
- eyewear (1.7%): eyeglasses, sunglasses, frames, lenses and contact lenses (Titan Eye Plus, Titan, Fastrack and Glares brands).
The balance of net sales (2.5%) concerns the distribution activities of perfumes (Skinn by Titan brand), saris (Taneira Sarees brand) and fashion accessories, as well as the manufacture of precision engineering products and industrial machinery.
Products are marketed through a network of 1,909 exclusive stores located in India, over 7,000 multi-brand outlets and via the Internet.
At the end of March 2021, the group had 11 production sites in India.
India accounts for 99.5% of net sales.
TITAN COMPANY LIMITED 
