Tata Group’s Titan Company announced on Friday that its subsidiary has signed a pact to acquire a 17.5% voting interest in US-based Great Heights Inc. for US$20 million (about £152 million). Has. TCL North America Inc (TCLNA), a wholly owned subsidiary of the company, has entered into a stock purchase agreement with Great Heights Inc to subscribe for common stock of Great Heights with voting preference shares, the jewelry and watch maker said in a regulatory filing.
Under the deal, TCLNA would hold up to 17.5% of the voting rights in Great Heights, he added.
“This is a strategic investment that will give Titan a comprehensive view of the fast-growing Lab Grown Diamond (LGD) and Direct-to-Consumer (D2C) sectors,” the company said.
Great Heights sells LGD jewelry through its Clean Origin brand.
The company’s 2021 gross sales were $25 million.
