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In a major move to further strengthen its grip on the luxury jewelry sector Titan the watchmaking and fashion products arm of the Titan Group has acquired a controlling stake in Dubai-based jewellery brand Damas LLC (UAE). According to the details Titan Holdings International FZCO has acquired a 67% stake in the 117-year-old brand from Mannai Corporation QPSC. How much Titan paid for the company? As per reports Tata Group-owned Titan acquired Damas Jewellery for 1038 million dirhams (about Rs 2357.25 crore) one of the reasons behind the high-priced deal being the global popularity of the Dubai-based brand. Founded in 1907 Damas Jewellery is a highly-popular jewelry brand in Middle Eastern countries like Saudi Arabia Qatar Oman Kuwait and Bahrain. The brand has 146 stores across the Middle East and is known for its high-quality gems and jewelry as well as impeccable craftsmanship. Why Tata Groups deal is a concern for Mukesh Ambani-led Reliance? The Tata Groups landmark deal is expected to bolster its already popular designer jewelry brand Tanishq which is already launched in several countries outside India including Middle East and the United States. Titan is looking to build upon the success of Tanishq and acquire a major share in the global jewellery market and the Damas acquisition is giant step in that direction. Additionally the deal could potentially catapult Titan far ahead of its competitors in India including Mukesh Ambani-owned Reliance Gold Malabar Gold and Kalyan Jewelers