CCI Greenlights Titan’s Acquisition Of An Additional 27% Stake In CaratLane
- In August, Titan signed a share purchase agreement to acquire an additional 27.18% shareholding in CaratLane for a sum of INR 4,621 Cr
- Under the proposed deal, Tata-backed Titan will acquire CaratLane’s remaining stake from cofounder Mithun Sacheti, his brother Siddhartha Sacheti, and father Padamchand Sacheti
- Following the announcement of the deal, the startup elevated cofounder and COO Avnish Anand as the new CEO and even challenged a precious show cause notice issued by the ED
The Competition Commission of India (CCI) has approved Tata-backed Titan’s proposal to acquire an additional 27.18% stake in jewellery startup CaratLane.
“CCI approves acquisition of additional shareholding in CaratLane by Titan. The proposed combination relates to the acquisition by Titan of 27.18% share capital of CaratLane, on a fully diluted basis, from Mithun Padam Sacheti, Siddhartha Padam Sacheti, and Padamchand Sacheti,” the competition watchdog said in a statement.
