GRT Jewellers India Pvt Ltd, one of India’s leading jewellery retail chains, has signed a share purchase agreement (SPA) with the promoters of listed jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) to acquire their 74.12% stake in the company for an aggregate consideration of up to ₹1,033.71 crore.
The transaction, which is subject to regulatory approvals and customary closing conditions, will give GRT a controlling stake in TBZ and marks a significant step in its ambition to build a stronger pan-India jewellery retail network.
GRT will also launch an open offer for an additional 26% stake in TBZ in accordance with applicable SEBI regulations.
GRT takes a major step towards pan-India expansion
The acquisition will add TBZ’s 37 stores to GRT’s existing retail footprint and significantly broaden the group’s geographic presence.
“This very well fits into our strategy of spreading our presence across India with TBZ having 37 stores. We are committed to create value for all stakeholders, our customers, shareholders, employees, vendors, bankers and other associates in the years to come,” said GRT Jewellers Managing Director, G R Ananth Ananthapadmanabhan.
GRT Jewellers Managing Director, G R Radhakrishnan said the acquisition would help turn the company’s long-standing ambition of developing a meaningful pan-India presence into reality.
“Our long-awaited aspiration of building a meaningful Pan-India presence is now becoming a reality. We believe the complementary strengths of both organisations – their heritage, customer relationships and merchandise portfolio, together with GRT’s retail capabilities and growth orientation, create a powerful retail experience taking TBZ into its next phase of growth and creating value for all stakeholders,” he said.
Combining two established jewellery brands
The proposed transaction brings together two established jewellery businesses with long operating histories and strong customer relationships.
GRT Jewellers was founded by G. Rajendran in 1964 and has grown to 68 stores across India and one store in Singapore, supported by more than 12,000 employees.
The retailer has a portfolio spanning gold, silver, diamond and platinum jewellery, as well as silver articles. It has around 6.5 lakh sq ft of retail space and a growing e-commerce presence.
GRT also operates specialised sub-brands including Oriana, focused on lightweight and affordable gold and diamond jewellery, and Silvana, which offers silver jewellery collections. The company says it has a loyal customer base of more than 15 million.
TBZ brings 162-year heritage
For TBZ, the transaction provides a new growth platform while retaining the heritage of one of India’s oldest jewellery brands.
TBZ traces its origins to 1864, when Late Shri Bhimji Zaveri established a single store in Mumbai’s Zaveri Bazaar. Over 162 years, the brand has expanded to 37 locations across India.
TBZ’s portfolio spans gold, diamond and bridal jewellery, supported by an integrated business model encompassing manufacturing, skilled artisans and a vendor network.
The company has also introduced customer-focused initiatives such as its 100% gold buy-back scheme, reinforcing its emphasis on trust and value.
“What began five generations and 162 years ago as a single storefront in Zaveri Bazaar and a family dream has grown through decades of relentless dedication into 37 locations across the country. Seeing it step into the future with GRT fills me with immense pride,” said TBZ Chairman & Managing Director, Shrikant Zaveri.
“We know that our heritage, our values, and our people are in the absolute best hands to write the next great chapter for TBZ,” he added.
Experienced teams to drive next phase
GRT said the combined management capabilities of the two organisations would be deployed to identify new growth opportunities for TBZ.
The combination is expected to create opportunities to leverage GRT’s retail capabilities, distribution network and growth orientation alongside TBZ’s brand heritage, customer relationships and merchandise portfolio.
Advisors to the transaction
Deloitte was the lead advisor to the transaction, while Axis Capital acted as financial advisor to GRT. Trilegal was the legal counsel to GRT, and Srihari & Co advised on financial and tax due diligence.
AZB & Partners acted as legal counsel to TBZ, while Ernst & Young LLP was the financial advisor to TBZ.
The proposed acquisition is subject to applicable regulatory approvals and other closing conditions. Once completed, the deal will significantly reshape the competitive landscape of India’s organised jewellery retail sector by bringing two established retail networks under the GRT fold.