Archive · 1 Sep 2026
GRT Jewellers to Acquire Majority Stake in TBZ
GRT Jewellers wants to buy most of another jewellery company called Tribhovandas Bhimji Zaveri, or TBZ The Original.
The purchase would give GRT 74.12% of TBZ.
GRT would pay up to ₹1,033.71 crore for the promoters’ shares.
It also plans to offer to buy about 26% more shares from the public.
This offer is required under Securities and Exchange Board of India rules.
The deal still needs approvals and must meet certain closing conditions.
TBZ began with one shop in Mumbai in 1864 and now has 37 stores.
GRT has 68 stores in India, one in Singapore and more than 12,000 employees.
GRT says the two companies can grow together by combining TBZ’s history and customers with GRT’s retail experience.
GRT Jewellers India Private Limited signed an agreement to acquire a 74.12% stake in TBZ for up to ₹1,033.71 crore.
GRT plans to make an open offer for approximately 26% of TBZ’s public shareholding under Securities and Exchange Board of India regulations.
The transaction, signed with TBZ’s promoters on August 31, remains subject to regulatory approvals and customary closing conditions.
TBZ operates 37 stores and traces its origins to a Mumbai store established in 1864, while GRT operates 68 Indian stores and one in Singapore.
GRT said the acquisition will expand its pan-India retail presence by combining TBZ’s heritage and customer relationships with GRT’s retail capabilities.
- Who
- GRT Jewellers India Private Limited and Tribhovandas Bhimji Zaveri Ltd, also known as TBZ The Original; G.R. ‘Ananth’ Ananthapadmanabhan, G.R. Radhakrishnan and Shrikant Zaveri are among the executives quoted.
- What
- GRT signed an agreement to acquire a 74.12% stake in TBZ for an aggregate value of up to ₹1,033.71 crore and plans an open offer for approximately 26% more.
- When
- The agreement was signed on August 31. The articles do not specify the year.
- Where
- The companies operate across India; TBZ began in Mumbai’s Zaveri Bazaar, while GRT also operates one store in Singapore.
- Why
- GRT said the acquisition supports its strategy of expanding its retail footprint and building a meaningful pan-India presence.
GRT’s Expansion View
TBZ’s Continuity View
Strategic purpose of the deal
GRT’s Expansion View
GRT said acquiring TBZ’s 37-store network would help expand its retail footprint and establish a meaningful pan-India presence.
TBZ’s Continuity View
TBZ’s chairman and managing director emphasized the brand’s five-generation journey, heritage, values and people, rather than describing the transaction primarily as an expansion strategy.
Expected contribution from each company
GRT’s Expansion View
GRT said it would contribute retail capabilities, management bandwidth and a growth-oriented approach to TBZ’s next phase.
TBZ’s Continuity View
TBZ’s contribution was described as its heritage, customer relationships and merchandise portfolio, which GRT said were complementary to its own capabilities.
- Promoter stake to be acquired
- 74.12% of TBZ
- Deal value
- Up to ₹1,033.71 crore
- Planned open offer
- Approximately 26% of TBZ’s public shareholding
- Regulatory status
- Subject to regulatory approvals and customary closing conditions
- TBZ network
- 37 stores across India
- GRT network
- 68 stores across India and one in Singapore
- TBZ share performance
- Shares closed 1.19% higher at ₹305.45 on the BSE; market capitalisation was ₹2,038.29 crore
- Reported revenue
- TBZ reported FY26 operating revenue of ₹3,202.95 crore; GRT reported FY25 revenue of ₹34,369 crore
