GRT to acquire majority stake in Tribhovandas Bhimji Zaveri for ₹1,033.71 crore
GRT Jewellers has signed an agreement to acquire a 74.12% majority stake in Tribhovandas Bhimji Zaveri (TBZ) for approximately ₹1,033.71 crore. The acquisition is part of GRT's strategy to expand its retail footprint across India.
Why it matters
This consolidation in the Indian jewelry retail market reflects broader trends of large regional players expanding nationally through strategic acquisitions.
Chennai headquaretred GRT Jewellers India Private Limited (GRT) will be acquiring a majority stake in Tribhovandas Bhimji Zaveri Limited. GRT in a statement announced the signing of share purchase agreement (SPA) with the promoters of Tribhovandas Bhimji Zaveri Limited (well known as TBZ the Original) to acquire their stake of 74.12% in the company. As per the SPA, GRT would acquire the promoter’s stake for an aggregate value of up to ₹1,033.71 crore. The consummation of the SPA will be subject to appropriate regulatory approvals and customary closing conditions. GRT will also be launching an open offer for another 26% as per applicable SEBI regulations.
G.R. ‘Ananth’ Ananthapadmanabhan, Managing Director of GRT Jewellers, said: “This very well fits into our strategy of spreading our presence across India with TBZ having 37 stores.
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