Chennai: 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, marking a major expansion of GRT’s pan-India retail footprint.Chennai-headquartered GRT Jewellers has signed a share purchase agreement with TBZ’s promoters. The transaction is subject to regulatory approvals and customary closing conditions. GRT will also launch an open offer for an additional approximately 26% stake in TBZ, in accordance with SEBI regulations, according to a statement.The acquisition will give GRT access to TBZ’s network of 37 stores across India. GRT currently operates 68 stores in India and one in Singapore, with more than 12,000 employees and about 6.5 lakh sq ft of retail space.“This acquisition is truly transformative for GRT. Our long-awaited aspiration of building a meaningful pan-India presence is now becoming a reality,” GRT managing director G.R. Radhakrishnan said.TBZ’s 162-year legacy and retail network fit into GRT’s strategy of expanding its presence across India, said G.R. ‘Ananth’ Ananthapadmanabhan, MD, GRT Jewellers.Founded in 1964, GRT has a customer base of more than 15 million and sells gold, silver, diamond and platinum jewellery. It also operates the Oriana and Silvana brands, focused on lightweight jewellery and silver collections.TBZ traces its origins to 1864, when it began with a single store in Mumbai’s Zaveri Bazaar. The company now has 37 stores and has built its business around jewellery craftsmanship, customer trust and a pan-India retail network.TBZ CMD Shrikant Zaveri said the transaction would help the 162-year-old brand enter its “next chapter” while retaining its heritage, values and people.
