CCI approves Titan’s additional stake-buy in Caratlane

The Competition Commission of India (CCI) has approved acquisition of additional shareholding in Caratlane Trading Private Ltd (Caratlane) by Titan Company Ltd (Titan).

With this CCI nod, Titan will be able to acquire 27.18 percent share capital of Caratlane (a subsidiary of Titan), on a fully diluted basis, from Mithun Padam Sacheti, Siddhartha Padam Sacheti, and Padamchand Sacheti.

“Commission approves acquisition of additional 27.18 percent share capital of Caratlane Trading Private Ltd by Titan Company Ltd”, CCI said in a statement.

Prior to this stake-buy, Titan held 71.09 percent of the total equity share capital of Caratlane on a fully diluted basis.

With this transaction, Caratlane’s founder Mithun Sacheti and his family have sold their stake in the company. The latest transaction ascribed a valuation of Rs 17,000 crore to Caratlane.

Titan Ltd had first invested in Caratlane in 2016, which had been in a strategic vendor relationship with Tanishq since 2010. Later, Titan bought shares of Caratlane in tranches, mainly via a secondary purchase of shares.