Titan Company’s arm to accumulate 17.5% stake in Great Heights Inc for $20 million
Tata group agency Titan Company on Friday stated its subsidiary has inked a pact to accumulate 17.5 per cent voting rights in US-based Great Heights Inc for USD 20 million (round Rs 152 crore).
🗞️ Subscribe Now: Get Express Premium to entry the most effective Election reporting and evaluation 🗞️
TCL North America Inc (TCLNA), a wholly-owned subsidiary of the corporate, has signed a inventory buy settlement with Great Heights Inc for subscription of shares with voting most well-liked inventory within the capital inventory of Great Heights, the jewelry and watch maker stated in a regulatory submitting.
As per the pact, TCLNA would maintain as much as 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 corporate acknowledged.
Great Heights retails LGD jewelry by way of its model “Clean Origin”.
The firm’s gross income for the 12 months 2021 stood at USD 25 million.