Titan acquires 62 per cent stake in Carat Lane for Rs 357.24 crore

Tata Group’s Titan Co Ltd will acquire a 62 per cent stake in online jewellery retailer Carat Lane for Rs 357.24 crore. A share purchase agreement has already been signed. The number of shares to be acquired is 1,91,42,545 representing 62 per cent of Carat Lane’s share capital. Titan has decided to go ahead with this acquisition because the company believes the synergies with jewellery business of Titan is high.

Carat Lane was incorporated in 2007 and had a revenue of Rs 141 crore in 2015-16, Rs 127 crore in 2014-15 and Rs 101 crore in 2013-14. The company was founded by Mithun Sacheti and Srinivasa Gopalan in 2008. Today, it is a leading brand and business in the jewellery online industry catering to a different segment of customers with significant internal capabilities in design, manufacturing, technology and e-commerce. The Titan’s acquisition of the company will be completed within 14 business days.

Titan has added 82 stores for its brands, taking the total to 1,283 across the country, with 1.7 million square feet of retail space. Titan was created by Xerxes Desai, who recently passed away.