GRT Jewellers to Acquire 74.12% Controlling Stake in TBZ for Rs 1,034 Crore

In one of the biggest consolidation moves in Indian jewellery retail this year, Chennai-based GRT Jewellers is set to take over 162-year-old listed player Tribhovandas Bhimji Zaveri (TBZ).

GRT Jewellers India Pvt Ltd has signed a Share Purchase Agreement with the promoters of TBZ to acquire a 74.12% controlling stake for up to Rs 1,033.71 crore. The deal price is fixed at Rs 209 per share and is subject to regulatory approvals and customary closing conditions.

Following the acquisition, GRT will make a mandatory open offer for an additional 26% stake in TBZ, in line with SEBI Takeover Regulations, at Rs 249.61 per share. If the open offer is fully subscribed, GRT’s holding could go up to 100% in the Mumbai-based jewellery retailer.

A Pan-India Play

For GRT, which started its journey in 1964, this is a transformative deal.

The Chennai retailer currently operates 68 stores in India and one in Singapore with over 12,000 employees and around 6.5 lakh sq ft of retail space. It has a stronghold in South India with a customer base of over 15 million.

The acquisition will give it instant access to TBZ’s established network of 37 stores, largely concentrated in West and North India. TBZ, which began with a single store in Mumbai’s Zaveri Bazaar in 1864, brings with it a 162-year legacy of craftsmanship and trust.

“This acquisition is truly transformative for GRT. Our long-awaited aspiration of building a meaningful pan-India presence is now becoming a reality,” said G.R. Radhakrishnan, Managing Director, GRT Jewellers.

G R ‘Ananth’ Ananthapadmanabhan, Managing Director of GRT Jewellers, said, “We are truly excited to acquire the 162-year-old legacy brand TBZ. This very well fits into our strategy of expanding our footprint across India through its network of 37 stores.”

What Next for TBZ?

GRT said its management team will work closely with TBZ’s senior leadership to identify new growth opportunities and strengthen the business. The focus will be on scaling up TBZ’s retail operations while retaining its heritage, values and people.

TBZ CMD Shrikant Zaveri said the transaction would help the 162-year-old brand enter its “next chapter” while retaining its heritage.

The deal comes at a time when India’s jewellery sector is recalibrating growth as gold prices soar to all-time highs, with large retailers focusing on lightweight jewellery and consolidating their retail presence.

The stake purchase, once closed, will make GRT one of the largest jewellery chains in the country with over 100+ stores.