 "Titan, eyewear, glasses, sunglasses, spectacles")
Titan Company Limited on Saturday announced that it will buy an additional 27.1 per cent stake in CaratLane, for a total consideration of Rs 4,621 crore.
Upon completion of the deal, Titan will hold 98.28 per cent of equity in CaratLane—a private company engaged in the manufacture and sale of jewellery.
Titan first invested in CaratLane in 2016 and held about 71 per cent stake in the company. It is now buying the additional stake from founder Mithun Sacheti and his family.
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“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. 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,” said Sacheti.
Commenting on the announcement, C K Venkataraman, managing director, Titan, said,"Titan has always prided itself in building strong brands. 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 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.”
The deal is expected to be completed by 31 October, 2023. CaratLane had recorded a turnover of Rs 2,177 crore in FY22-23.
