GRT Jewellers is set to acquire a controlling stake in Tribhovandas Bhimji Zaveri (TBZ), one of India’s oldest jewellery brands, in a deal worth up to ₹1,033.71 crore.
GRT Jewellers India Private Limited has signed an agreement to acquire a 74.12% stake in TBZ from its promoters. The deal will give GRT control of the listed jewellery company and significantly expand its presence across the Indian market.
The transaction is subject to regulatory approvals and other conditions. Once the acquisition is completed, GRT will also be required to make an open offer to TBZ’s public shareholders under takeover regulations.
Under the agreement, GRT will acquire nearly 4.95 crore shares of TBZ, representing 74.12% of the company’s voting share capital. The promoter shares will be purchased at a price of up to ₹209 per share. The total consideration for the promoter stake has been capped at ₹1,033.71 crore.
The open offer will cover up to 25.88% of TBZ’s voting share capital, or around 1.73 crore shares. GRT has set the open-offer price at ₹249.61 per share. If the entire offer is accepted, the additional amount could be around ₹431 crore.
The acquisition gives GRT access to a well-known jewellery brand with a long history and an established network of stores. TBZ was founded in 1864 and has built a strong identity over more than 160 years in the Indian jewellery business.
TBZ began its journey in Mumbai’s Zaveri Bazaar and gradually expanded to other parts of the country. Its long association with the jewellery trade has helped it build a recognised brand and a loyal customer base.
GRT Jewellers also has a strong presence in the organised jewellery market. Founded in 1964, the company has grown significantly over the years, particularly in southern India. It sells gold, diamonds, silver and platinum jewellery through its retail network and other channels.
GRT currently operates 68 stores in India and one store in Singapore. TBZ has 37 stores across the country. The acquisition will therefore give GRT a much larger retail network and help it reach customers in new markets.
The deal is especially important because GRT has traditionally been stronger in southern India, while TBZ has an established presence in western and other parts of the country. Bringing the two networks together could help GRT build a stronger pan-India jewellery business.
For GRT, buying an established company also offers a quicker path to expansion. Opening dozens of new stores organically would take considerable time and investment. Through TBZ, GRT gets an existing network, employees, customers and brand recognition.
The acquisition comes at a time when India’s jewellery industry is becoming increasingly organised. Large jewellery chains are expanding rapidly, while consumers are looking for brands they can trust when making high-value purchases.
Gold prices have also remained a major factor for the industry. With jewellery becoming more expensive, customers are paying greater attention to quality, pricing, reputation and after-sales service. Established brands with a strong retail presence are therefore competing to build long-term customer relationships.
The proposed takeover has also attracted strong interest from investors. TBZ shares rose sharply after details of the transaction became known. The stock climbed nearly 20% on September 1 and touched ₹366.80 during trading, reaching a new high.
The market price was significantly above both the ₹209 per share price for the promoter stake and the ₹249.61 open-offer price. The sharp movement in the stock shows that investors are closely watching what the change in ownership could mean for TBZ’s future growth.
The acquisition could also provide TBZ with access to GRT’s experience in running a large jewellery retail network. GRT, in turn, could use TBZ’s established brand and presence in different markets to strengthen its national operations.
The combined business would bring together two jewellery companies with different strengths. GRT brings scale and strong experience in southern India, while TBZ contributes its heritage, established stores and customer relationships across several markets.
India’s jewellery retail sector has been witnessing growing competition as organised chains expand beyond their traditional markets. The GRT-TBZ deal is another sign of this changing landscape, where established jewellery businesses are looking at acquisitions to grow faster.
This acquisition for GRT is a significant step towards becoming a larger national jewellery player. For TBZ, it marks the beginning of a new chapter for a brand that has been part of India’s jewellery industry for more than 160 years.
If the transaction receives the required approvals and is completed as planned, the deal could create a significantly larger jewellery retail network and give GRT a stronger position in India’s fast-growing organised jewellery market.