Titan Company on Saturday has said that it will pay a total of Rs 4,621 crore for a further 27.1 per cent share in CaratLane.
After the transaction is complete, Titan will own 98.28 per cent of the shares in CaratLane, a private firm that produces and sells jewellery.
Titan made its initial investment in CaratLane in 2016 and then maintained a stake of roughly 71 per cent in the business. Mithun Sacheti and his family, the company’s creator, are now selling their extra stake.
Sacheti said that Titan and the prestigious Tata Group will present the greatest prospects for CaratLane to continue growing from strength to strength.
Titan’s managing director, C. K. Venkataraman, said that Titan has always taken delight in creating powerful brands. We have a lot of faith in the success of the Indian consumer and think that CaratLane’s business adventure has just begun. We are grateful to Mithun Sacheti for helping the Tata Group create a customer-centric brand, and we wish him continued success in all of his future activities.