The Competition Commission of India (CCI) has 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% share capital of CaratLane, a subsidiary of Titan, by Titan Company Ltd. The acquisition will increase Titan’s stake in CaratLane to 98.28% on a fully diluted basis. The total stake acquisition will amount to Rs 4,621 crore.

Titan, a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), operates through lifestyle brands, including jewellery, eye care, fragrances, and fashion accessories.

CaratLane, which started as an online brand in 2008, has become a leading player in the affordable and accessible jewellery market in India. Titan first invested in CaratLane in 2016, and in partnership with its jewellery brand Tanishq, CaratLane has witnessed substantial growth.

The approval from the CCI was required as the acquisition crosses a certain threshold and the regulator monitors unfair business practices and promotes fair competition in the marketplace.

Meanwhile, Titan’s shares rose nearly 2% on the Bombay Stock Exchange (BSE) following the news, with the company’s market capitalisation increasing to Rs 3.01 lakh crore. With a market cap of over Rs 3 lakh crore, Titan became the 17th most valuable company in India and the second-most valuable company among Tata Group firms.

For more information, read the full article on The Economic Times.