Tata’s jewellery brand Titan may issue rupee bond worth Rs 3,000 crore

12 Sep 2023 , 10:41 AM

According to persons familiar with the situation, Tata Group subsidiary Titan Co. is in preliminary negotiations with banks about selling its first-ever local-currency bond for Rs 3,000 crore ($362 million).

According to the persons who spoke on the condition of anonymity, India’s largest jewellery producer intends to use the funds to help finance its acquisition of CaratLane Trading Pvt. Other aspects of the potential transaction are still being negotiated, they added, adding that it may be completed by the end of the month.

Titan is increasing its stake in CaratLane to leverage its large online retail footprint. Bank loans are often not permitted under Indian M&A regulations.

According to sources, the bond would be Titan’s first in rupees.

Titan Company Limited (Titan), a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), initiated operations as Titan Watches Limited in 1984. Titan is the world’s sixth-largest integrated own-brand watch manufacturer.

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