Chennai's GRT Jewellers to Acquire 74% Stake in TBZ for ₹1,034 Crore

Chennai-headquartered GRT Jewellers India Pvt Ltd has agreed to acquire a 74.12% stake in Mumbai-based listed jewellery company Tribhovandas Bhimji Zaveri (TBZ) for an aggregate consideration of up to ₹1,033.71 crore.

The landmark deal marks a significant expansion of GRT's retail footprint across India. The Chennai company has formally signed a share purchase agreement with the promoters of TBZ to execute the buyout.

The completion of the transaction remains subject to customary closing conditions and mandatory approvals from regulatory authorities. Following the share purchase agreement, GRT will also launch an open offer to acquire an additional stake of approximately 26% in TBZ, in compliance with regulations established by the Securities and Exchange Board of India (SEBI).

The acquisition provides GRT with immediate access to TBZ's established retail network, which comprises 37 stores located across the country. TBZ brings with it a 162-year brand legacy in the Indian jewellery market.

At present, GRT operates a network of 68 retail stores in India along with one international outlet in Singapore. The company maintains an operational scale of more than 12,000 employees and occupies approximately 6.5 lakh square feet of retail space.

Speaking on the development, GRT managing director G.R. Radhakrishnan noted that the buyout represents a pivotal moment for the brand's national ambitions. "This acquisition is truly transformative for GRT. Our long-awaited aspiration of building a meaningful pan-India presence is now becoming a reality," he stated.

G.R. 'Ananth' Ananthapadmanabhan, managing director of GRT Jewellers, highlighted that TBZ's extensive retail network and 162-year legacy fit directly into GRT's long-term business strategy to scale its operations across India.

Established in 1964, GRT retails gold, silver, diamond, and platinum jewellery, serving a customer base that currently exceeds 15 million.