Titan Company will buy a 67% stake in Dubai-based luxury brand Damas from Qatar's Mannai Corporation at an enterprise value of 1.04 billion dirham ($283.2 million), potentially making it one of the largest Indian jewellers in the Middle East.

Upon completion of the transaction, Titan will gain access to 146 Damas stores across Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

This move aims to expand Titan Company's footprint in the Middle East, joining a league of other homegrown gold and diamond retailers with a presence in the Gulf. Damas Jewellery, founded in 1907, has a network of 146 stores across the 6 Gulf Cooperation Council (GCC) countries.