Titan forays into lab grown diamond segment through stake acquisition in US based companyTITAN - 3550 Change: 4.35 (0.12 %)
News: Titan Company, through its wholly-owned US subsidiary, has inked a pact to acquire 17.5% voting rights in US-based Great Heights Inc for US$20 million (around Rs.152 crore valuing the company at 4.7x FY21 revenue).
Views: TCL North America Inc (TCLNA), a wholly-owned subsidiary of Titan has signed a stock purchase agreement with Great Heights Inc for subscription of shares with voting preferred stock in the capital stock of Great Heights Inc. The acquisition will provide Titan an entry into fast growing Lab Grown Diamond (LGD) and Direct-to-Consumer (D2C) segments. The acquisition would also provide Titan a presence in the branded LGD jewellery segment through the acquired company’s existing own brand “Clean Origin”.