Tata group firm Titan Company on Friday said its subsidiary has inked a pact to acquire 17.5 per cent voting rights in US-based Great Heights Inc for USD 20 million (around Rs 152 crore).
TCL North America Inc (TCLNA), a wholly-owned subsidiary of the company, has signed a stock purchase agreement with Great Heights Inc for subscription of shares with voting preferred stock in the capital stock of Great Heights, the jewellery and watch maker said in a regulatory filing. As per the pact, TCLNA would hold up to 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 company stated. Great Heights retails LGD jewellery through its brand “Clean Origin”. The company’s gross revenue for the year 2021 stood at USD 25 million.