India’s Tata Group unit wants all of Dubai’s Damas: TitanCompany, a subsidiary of Indian conglomerate Tata Group, is set to acquire a 67% stake in Dubai jewelry retailer Damas International from Qatar’s Manai Corporation in an AED 1.04 bn transaction, according to a filing (pdf) to the National Stock Exchange of India (NSE).

The transaction includes an option to acquire the remaining 33% from Mannai after a 31 December 2029 lock-in expires. Until then the Qatari firm will remain a minority shareholder with board representation and voting power.

The details: The acquisition, which is pending final regulatory approval, is expected to close by the end of January 2026. A mix of debt, internal accruals, and equity will finance the takeover, which will see Damas folded into a new DIFC-based entity, Signature Jewellery Holding.

This is not the first we’ve heard of the potential transaction. Talks have been ongoing since at least February, according to Indian media, which also reported that Titan had explored an acquisition of Damas previously but talks had fallen through due to disagreements over valuation.

Indian conglomerates are setting their eyes on the UAE — just as UAE investors continue to pour funds into India. Adani Group has been snapping up stakes in UAE firms in recent months, with Adani reportedly eyeing an acquisition of Emaar’s Indian unit and Adani Ports acquiring 80% of Dubai offshore marine services firm Astro Offshore. Meanwhile, the Abu Dhabi Investment Authority invested in Adani’s power distribution arm Adani Energy Solutions’ USD 1 bn secondary share sale in July and the International Holding Company raised its stake in Adani Enterprises in October to more than 5%.

It gives Titan expanded access to the GCC retail market through Damas’ 146 stores across the UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain, adding to its network of Tanshiq Jewelry stores in the UAE. It will also make Damas the largest Indian-owned jewelry brand in the region. The jewelry retailer netted some AED 1.5 bn revenues in 2024.

What Mannai stands to gain: Mannai will channel proceeds from the sale toward debt reduction, as well as its core operations and IT business.

Background: A regional jewelry powerhouse, Damas was previously listed on Nasdaq Dubai before being taken private in 2012 by Qatar’s Mannai Corporation and EFG Hermes in a USD 445 mn transaction. Mannai later acquired EFG’s 19% stake in 2014, becoming the sole owner. Damas underwent a USD 3 bn debt restructuring in 2011 following governance and financial troubles.

ADVISORS- Standard Chartered advised Titan on the acquisition.

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