GRT Jewellers Buys Majority Stake in TBZ for ₹10.34 Billion

GRT Jewellers India is set to acquire a controlling 74.12% stake in Tribhovandas Bhimji Zaveri (TBZ), a move valued at up to 10.34 billion rupees ($108.66 million).

This significant acquisition will transfer control of the prominent jewellery retailer from TBZ’s primary shareholders, with GRT also planning an open offer for an additional 26% stake.

Key Acquisition Details

• Stake Acquired: 74.12%
• Acquisition Value: Up to ₹10.34 billion ($108.66 million)
• Additional Open Offer: 26% stake

The strategic move by GRT reflects a broader shift within India’s jewellery sector, where major retailers are adjusting their growth plans.

This adjustment includes an increased emphasis on lightweight jewellery, a trend driven by record-high gold prices impacting consumer preferences.

Strategic Expansion and Market Context

Both GRT and TBZ maintain strong positions in India’s gold and diamond jewellery market, which is crucial for significant events like weddings.

India remains the world’s second-largest gold consumer, underscoring the market’s importance for these retailers.

G.R. Ananthapadmanabhan, Managing Director of GRT Jewellers, stated that acquiring the 162-year-old TBZ aligns with GRT’s strategy for national expansion.

TBZ, which began with a single store in 1864, will integrate into GRT’s existing network to broaden its national presence.

Company Footprint

• TBZ Founding Year: 1864
• GRT Founding Year: 1964 (in Chennai)
• GRT Existing Network: 37 stores
• GRT Total Stores: 68 across India, 1 in Singapore

The companies have confirmed that the stake purchase is contingent on receiving all necessary regulatory approvals.