Titan Company, the watches and jewellery arm of Indian conglomerate Tata Group, is in talks with Qatar-based Mannai Corporation to acquire a significant stake in Damas Jewellery, a news report said.
The discussions, which began a year earlier, revolve around Damas’s valuation, estimated at Rs 45 billion ($518 million), the Economic Times, an Indian financial daily, reported, citing unnamed sources.
However, no decision has yet been finalised.
Titan and Damas have explored a deal before but fell through over valuation differences.
Damas, which has its headquarters in Dubai, was acquired by Mannai in April 2012. The company has been looking to divest the jewellery retailer for the past two years.
Discussions with two South Indian jewellers failed to materialise, the daily said. (AGBI)
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