GRT Jewellers to Acquire 74.12% Promoter Stake in TBZ for Rs 1,033.71 Crore

GRT Jewellers India Private Limited has signed a share purchase agreement to acquire a 74.12 per cent promoter stake in Tribhovandas Bhimji Zaveri Limited (TBZ) for up to Rs 1,033.71 crore, the company announced in Hyderabad.

In compliance with SEBI regulations, GRT will also launch an open offer to acquire a further 26 per cent stake in the publicly listed jewellery retailer.

The acquisition marks a major milestone in GRT's long-term expansion strategy to build a pan-India footprint. The deal will integrate TBZ's 37 stores with GRT's existing network of 68 outlets across India and one store in Singapore.

Founded in 1864, TBZ is a 162-year-old legacy brand that brings integrated manufacturing capabilities and deep retail heritage to the partnership. Outgoing Chairman and Managing Director Shrikant Zaveri expressed confidence that the company's future remains secure under GRT's leadership.

GRT Jewellers Managing Directors G.R. Ananthapadmanabhan and G.R. Radhakrishnan stated that the acquisition brings together complementary strengths across retail capabilities, customer relationships, and diverse merchandise portfolios.

The completion of the transaction remains subject to customary closing conditions and regulatory approvals. Deloitte and Axis Capital served as financial advisors for the deal, while Trilegal and AZB & Partners acted as legal counsel.