Archive · 13 Sep 2026
GRT Jewellers Bets on Scale With Rs 1,034-Crore TBZ Buy
GRT Jewellers is buying control of another jewellery company called TBZ.
GRT is based in Chennai, while TBZ has many stores in western India.
The purchase could cost up to Rs 1,033.71 crore.
GRT will also have to make an offer to buy shares from some other TBZ investors.
This deal gives GRT 37 more stores and a well-known jewellery brand.
TBZ has earned more money in recent years, but it has sold fewer kilograms of gold and fewer diamonds.
GRT believes its larger team, technology and experience can help TBZ grow.
The main challenge is making TBZ’s stores sell more jewellery efficiently.
GRT Jewellers will acquire a controlling stake in Tribhovandas Bhimji Zaveri for up to Rs 1,033.71 crore.
The transaction triggers an open offer for 25.88% of TBZ’s public equity at Rs 249.61 per share.
The deal gives GRT access to TBZ’s 37-store network across 28 cities, especially in Maharashtra and Gujarat.
TBZ’s revenue, EBITDA and net profit increased over five years, but gold and diamond sales volumes declined over three years.
GRT hopes its scale, capital and management capabilities can improve TBZ’s store productivity and accelerate expansion.
- Who
- Chennai-based GRT Jewellers and Mumbai-based Tribhovandas Bhimji Zaveri (TBZ).
- What
- GRT is acquiring a controlling stake in TBZ for up to Rs 1,033.71 crore and will launch a mandatory open offer for 25.88% of TBZ’s public equity.
- When
- The deal was announced on 31 August.
- Where
- TBZ has 37 stores across 28 cities, with a significant presence in Maharashtra and Gujarat; GRT is based in Chennai and has an outlet in Singapore.
- Why
- GRT aims to expand across India using TBZ’s established western India network, heritage brand and customer relationships, while helping TBZ overcome difficulties in scaling independently.
Strategic Growth Case
Operational Risk Case
Western India expansion
Strategic Growth Case
GRT says TBZ’s store network, heritage and customer relationships provide a ready-made platform for expanding across India.
Operational Risk Case
TBZ’s expansion has historically fallen short of its earlier ambitions, including a 2012 target of 57 stores within three years.
Financial and operating performance
Strategic Growth Case
TBZ’s revenue grew 19% annually over five years, while EBITDA rose nearly 24% and net profit increased 36%.
Operational Risk Case
Despite that financial growth, gold sales volumes fell from 3,424 kilograms to 2,249 kilograms and diamond volumes declined from 47,371 carats to 39,031 carats over three years.
Value of GRT’s capabilities
Strategic Growth Case
GRT’s larger workforce, retail space, e-commerce operation and capital could improve TBZ’s store productivity and customer acquisition.
Operational Risk Case
Jewellery retail requires heavy inventory investment, and higher gold prices have increased working-capital requirements, making the integration and scaling effort capital-intensive.
- Acquisition value
- Up to Rs 1,033.71 crore
- Open offer
- 25.88% of TBZ’s public equity at Rs 249.61 per share
- Potential open-offer consideration
- Up to Rs 431.10 crore
- TBZ store network
- 37 stores across 28 cities
- GRT store network
- 68 stores in India and one outlet in Singapore
- TBZ latest reported revenue
- Rs 3,203 crore
- TBZ latest reported net profit
- Rs 203 crore