Tata's Caratlane, Titan buys stake for 4,621 crores - Newztezz Online


Saturday, August 19, 2023

Tata's Caratlane, Titan buys stake for 4,621 crores

The famous jewelry brand Caratlane is now fully owned by the Tata Group. Tata Group's Titan has also bought the remaining 27 per cent stake in the company itself.

Famous jewelry brand Caratlane has also sold its remaining 27 percent stake. Tata Group has bought the remaining stake of Caratlane. After which now Caratlane has completely become the brand of Tata Group. In fact, on Saturday, Tata Group's Titan Company has also bought the remaining 27 per cent stake in Caratlane. Titan of Tata Group has bought this deal for about 4621 crores. Let me tell you, Titan already had a majority stake in the company. After the deal, now the jewelery brand has become completely Titan's. Caratlane's CEO Sacheti and her family held 91,90,327 equity shares of the company. But now Titan has bought these shares. After which now the valuation of Caratlane will be 17,000 crores.

Will be the second biggest deal after Flipkart

This deal will be the second biggest after Tata's purchase of Caratlane. Earlier, Binny Bansal and Sachin Bansal of Flipkart had sold their stake in Walmart. Flipkart and Walmart's deal is still in the biggest deal.

The deal will be finalized in two and a half months

Currently, Titan's shareholding in Caratlane is 71.09 per cent. After buying more than 21 per cent shares, Titan's stake in Caratlane is going to increase to 98.28 per cent. Titan hopes that this deal will be completed on 31 October 2023 i.e. in two and a half months. In two and a half months, all regulatory approvals including the Competition Commission of India will be completed regarding the deal.

Titan's jewelry business

Titan of Tata Group is already working in the jewelry business. His jewelery unit already has a brand like Tanishq. Now he also has Caratlen. The turnover of Titan's jewelery unit in 2022-23 was Rs 31,897 crore. This is equal to about 88 percent of Titan's total turnover.

No comments:

Post a Comment