GRT Jewellers is set to acquire a 74.12% controlling stake in Tribhovandas Bhimji Zaveri (TBZ), a 162-year-old jewellery retailer. The deal, valued at ₹1,033.71 crore, will give GRT a majority ownership of TBZ, expanding its pan-India retail footprint. The share purchase agreement was signed with TBZ’s promoters on August 31, covering 49.46 million shares at a price of up to ₹209 per share, marking a significant strategic move in India’s jewellery retail sector.
The acquisition will add TBZ’s 37 stores to GRT’s existing network of 68 stores in India and one outlet in Singapore. The combined Indian network would comprise 105 stores, with the two brands continuing to operate separately. TBZ traces its origins to 1864, when Bhimji Zaveri established a store in Mumbai’s Zaveri Bazaar, lending the company a heritage spanning more than a century and a half. The company has since expanded to 37 locations across India under the TBZ The Original brand, establishing itself as a recognized name in the jewellery industry.
GRT managing director Ananthapadmanabhan said, “The acquisition is aligned with our strategy of establishing a broader presence across India.” GRT managing director G.R. Radhakrishnan described the transaction as a significant step towards establishing a pan-India presence, noting that TBZ’s 37-store network fits the company’s plans to expand geographically. GRT currently has more than 12,000 employees and approximately 6.5 lakh sq. ft. of retail space. Its portfolio includes gold, silver, diamond, and platinum jewellery, alongside sub-brands such as Oriana and Silvana.
Upon completion of the transaction, TBZ’s chairman and managing director Shrikant Zaveri, along with directors Binaisha Zaveri and Raashi Zaveri, are expected to step down from the board. Some members of the promoter family may continue to support the business through employment or consultancy arrangements, maintaining a connection to the brand’s legacy even as new ownership takes control.
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The deal brings together two established jewellery retailers with different geographic strengths. GRT has a strong presence across southern and other Indian markets, while TBZ adds an established brand and store network in multiple cities. This combination positions the merged entity to serve a broader customer base across diverse regions of the country.
Deloitte is the lead advisor to the transaction, with Axis Capital serving as financial advisor to GRT. Trilegal is advising GRT on legal matters, while AZB & Partners is representing TBZ. Following completion of the acquisition, GRT will launch a mandatory open offer for the shares held by TBZ’s public shareholders. The offer covers up to 25.88% of TBZ’s voting share capital, equivalent to 17.27 million shares, at ₹249.61 per share. If fully subscribed, the open offer would involve an additional outlay of about ₹431.10 crore.
The deal is subject to regulatory approvals and customary closing conditions, and a mandatory open offer for TBZ’s public shareholders is planned post-acquisition. The transaction represents a significant development in India’s organised jewellery retail sector, where established retailers are increasingly pursuing scale through geographic expansion and consolidation.
