July 15, 2016 2:43:03 am
Titan Company on Thursday announced that it would acquire 62 per cent stake in online jewellery chain CaratLane Trading in a cash deal amounting to Rs 357.24 crore. The acquisition is expected to be completed within 14 business days subject to completion of pre-closing conditions, Titan said in a regulatory filing.
The company had announced the deal in May this year, but had not divulged the financial details at that time.
Since its establishment in September 2007, CaratLane Trading Private Limited is engaged in the business of designing, manufacturing, trading and retailing of gems and jewellery.
It reported a revenue of R141 crore for the year ended March 2016, a growth of 11 per cent over the previous year.
“We believe the synergies with the jewellery business of Titan Company Limited is very high,” Titan said in the statement.
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