New Delhi: Titan, the world's largest manufacturer of fine jewels, stated on Saturday that it has acquired an additional 27.18 percent ownership in its subsidiary and modern jewellery brand CaratLane for a total of Rs 4,621 crore.
Taking its total holding to 98.28%, the company said in a joint statement that it has entered into a share purchase agreement with CaratLane founders Mithun Sacheti and Srinivasa Gopalan and their families to acquire all of the shares held by them totaling 27.18%.
"CaratLane is a subsidiary of the company and upon completion of the aforesaid share purchase would result in an increase in shareholding of the company in CaratLane from 71.09 per cent to 98.28 per cent on a fully diluted basis," it said.—Inputs from Agencies