HomeBusinessTitan Company's arm to acquire 17.5% stake in Great Heights for ...

Titan Company’s arm to acquire 17.5% stake in Great Heights for ₹152 crore


Tata group firm Titan Company on Friday said its subsidiary has inked a pact to acquire 17.5 per cent voting rights in US-based Great Heights Inc for USD 20 million (around 152 crore).

TCL North America Inc (TCLNA), a wholly-owned subsidiary of the company, 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, the jewellery and watch maker said in a regulatory filing.

As per the pact, TCLNA would hold up to 17.5 per cent voting rights in Great Heights, it added.

“This is a strategic investment that will provide Titan a ring-side view of the fast growing Lab Grown Diamond (LGD) and Direct-to-Consumer (D2C) sectors,” the company stated.

Great Heights retails LGD jewellery through its brand “Clean Origin”.

The company’s gross revenue for the year 2021 stood at USD 25 million. 



Source link

Must Read

spot_img