The Competition Commission of India (CCI) has given the green light to Titan Company Ltd for its proposed acquisition of an additional 27.18% share capital in CaratLane Trading Private Ltd (CaratLane), a subsidiary of Titan.
The approval follows Titan’s agreement to purchase the stake for ₹4,621 crore in cash, as announced in August. After this transaction, Titan’s stake in CaratLane would stand at 98.28%, valuing the company at ₹17,000 crore.
The acquisition involves Titan obtaining the share capital from Mithun Padam Sacheti, Siddhartha Padam Sacheti, and Padamchand Sacheti.
Titan’s involvement with CaratLane dates back to 2010, where they had a strategic vendor relationship with Tanishq. Over the years, Titan increased its stake through secondary share purchases.
In the fiscal year 2023, CaratLane reported a turnover of ₹2,177 crore, reflecting a significant 72% increase from the ₹1,267 crore recorded in FY22.
C-2023/10/1058 Commission approves acquisition of additional 27.18% share capital of CaratLane Trading Private Limited by Titan Company Limited.#CCI #Mergers pic.twitter.com/EHralZDlOo
— CCI (@CCI_India) November 21, 2023
