Interview Times 
Titan, a manufacturer of branded jewellery, disclosed on Saturday the acquisition of an additional 27.18 percent stake in its subsidiary CaratLane, bringing its total ownership to 98.28 percent. The company will hold 98.28% of CaratLane on a fully diluted basis, up from 71.09% upon consummation of the acquisition.
Titan Co, which is owned by India’s Tata Group, will increase its stake in subsidiary CaratLane Trading by 27.2% for 46.21 billion rupees ($558 million), according to a Saturday stock exchange filing. Titan has engaged into an agreement to purchase all 91,90,327 equity shares held by the proprietor of CaratLane Trading and his family members, representing 27.18% of the total paid-up equity share capital of CaratLane.
“The transaction will be subject to completion of customary regulatory approvals and closing conditions and is expected to be financed through a combination of cash balances, internal accruals and debt,” Titan said.
“Having always wanted to make high-quality jewellery within everyone’s financial reach, I couldn’t be more pleased with the progress we’ve made at CaratLane over the past 15 years. According to Sacheti, “Titan and the esteemed Tata Group provide the perfect opportunities for CaratLane to continue to grow from strength to strength.”
C K Venkataraman, managing director of Titan, commented on the news, saying, “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.”By October 31, 2023, the agreement should be finalised. In FY22-23, CaratLane’s revenue was Rs 2,177 crore.
