Titan, the Tata Group company that owns India’s premier jewellery chain Tanishq, has announced that it will be acquiring a majority stake in CaratLane, one of India’s leading online jewellery stores. A resolution approving the acquisition was passed in a meeting of the Board, the company said in a statement issued last week.

The statement added that details of the exact stake and valuation are currently under discussion. These will be announced once definitive documents are signed, probably by mid-June, the company said.

In addition to its online presence, Caratlane has also developed omni-channel capabilities and currently operates 13 brick and mortar stores across the country. It has plans to ramp up its store network also. It had earlier received over Rs 180 crore in funding from Tiger Global, a large Venture Capital Fund.

Bhaskar Bhatt, MD Titan said in a statement, "For Titan, the acquisition brings significant capabilities in the e-commerce space along with a brand, a customer segment and a business model that are very exciting."

According to media reports, Mithun Sancheti, founder of CaratLane will continue to own a significant stake and run CaratLane.