New Delhi, Nov 21 (PTI) Fair trade regulator Competition Commission of India (CCI) on Tuesday cleared the acquisition of additional stake purchased by Titan in CaratLane.
CaratLane is engaged in the business of manufacture and sale of gems and jewellery in India.
The combination relates to the acquisition of 27.18 per cent share capital of CaratLane (a subsidiary of Titan) by Titan Company Ltd, on a fully diluted basis, from Mithun Padam Sacheti, Siddhartha Padam Sacheti, and Padamchand Sacheti, according to a release.
Titan, a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), is active in several businesses through lifestyle brands, including jewellery, eye care, fragrances, and fashion accessories.
In August, jewellery maker Titan announced that it is going to increase its stake in its subsidiary and new-age jewellery brand CaratLane to 98.28 per cent by acquiring an additional 27.18 per cent for Rs 4,621 crore.
CaratLane was started as a purely online brand in 2008, looking at the fast-growing affordable and accessible jewellery market.
Titan first invested in CaratLane in 2016 and over the years, in partnership with its jewellery brand Tanishq, CaratLane witnessed substantial growth.
The deals beyond a certain threshold need approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
Meanwhile, shares of Titan hit a 52-week of Rs 3,400 apiece up nearly 2 per cent on the BSE on Tuesday, while the company's market cap increased to Rs 3.01 lakh crore.
By crossing Rs 3 lakh crore market cap, the company became the 17th most valuable company in India by market capitalisation. It is also the second-most valuable company among Tata Group firms behind Tata Consultancy Services (TCS). PTI HG TRB