GRT Jewellers to acquire 74.12% stake in Tribhovandas Bhimji Zaveri for Rs 1,033.71 crore
The deal, subject to regulatory approvals and customary closing conditions, will mark GRT Jewellers’ entry into a listed jewellery retail business and expand its presence across India.
- Aug 31, 2026,
- Updated Aug 31, 2026 7:22 PM IST
Chennai-based GRT Jewellers India (GRT) has signed a share purchase agreement (SPA) with the promoters of listed jewellery retailer Tribhovandas Bhimji Zaveri Ltd (TBZ), also known as TBZ The Original, to acquire a 74.12% stake in the company for up to Rs 1,033.71 crore, Reuters reported.
The transaction, subject to regulatory approvals and customary closing conditions, will mark GRT Jewellers’ entry into a listed jewellery retail business and expand its presence across India. Following completion, GRT will launch an open offer for around 26% of TBZ’s equity in accordance with Securities and Exchange Board of India (Sebi) regulations.
TBZ shares
Ahead of the announcement, TBZ shares ended 1.19% higher at Rs 305.45 on the BSE. The company had a market capitalisation of Rs 2,038.29 crore at the close.
GRT told Fortune India that the acquisition is aligned with its strategy of expanding its retail footprint across India. G.R. ‘Ananth’ Ananthapadmanabhan, managing director of GRT Jewellers, said the deal fits the company’s plans to broaden its presence through TBZ’s existing network.
G.R. Radhakrishnan, managing director of GRT Jewellers, described the transaction as “truly transformative”, saying the company’s long-awaited ambition of building a meaningful pan-India presence was becoming a reality, as reported by Fortune India.
GRT said the two businesses bring complementary strengths. TBZ contributes its heritage, customer relationships and merchandise portfolio, while GRT brings retail capabilities and a growth-oriented approach.
R. Vijayaraghavan, executive director and CEO of GRT Jewellers, who spearheaded the acquisition, said the combined management bandwidth of GRT and TBZ’s senior executives would focus on multiple growth drivers to take the jewellery brand into its next phase.
TBZ’s legacy
TBZ traces its origins to 1864, when Bhimji Zaveri established its first store in Mumbai’s Zaveri Bazaar. The company has since grown to 37 locations across India.
TBZ chairman and managing director Shrikant Zaveri said the family was proud of the brand’s journey across five generations and expressed confidence that its heritage, values and people would be in “the absolute best hands” with GRT.
GRT Jewellers, founded in 1964 by G. Rajendran, operates 68 stores across India and one in Singapore, with more than 12,000 employees. It has around 650,000 sq ft of retail space and a customer base of over 15 million. Its portfolio spans gold, silver, diamond and platinum jewellery, along with sub-brands such as Oriana and Silvana.
Chennai-based GRT Jewellers India (GRT) has signed a share purchase agreement (SPA) with the promoters of listed jewellery retailer Tribhovandas Bhimji Zaveri Ltd (TBZ), also known as TBZ The Original, to acquire a 74.12% stake in the company for up to Rs 1,033.71 crore, Reuters reported.
The transaction, subject to regulatory approvals and customary closing conditions, will mark GRT Jewellers’ entry into a listed jewellery retail business and expand its presence across India. Following completion, GRT will launch an open offer for around 26% of TBZ’s equity in accordance with Securities and Exchange Board of India (Sebi) regulations.
TBZ shares
Ahead of the announcement, TBZ shares ended 1.19% higher at Rs 305.45 on the BSE. The company had a market capitalisation of Rs 2,038.29 crore at the close.
GRT told Fortune India that the acquisition is aligned with its strategy of expanding its retail footprint across India. G.R. ‘Ananth’ Ananthapadmanabhan, managing director of GRT Jewellers, said the deal fits the company’s plans to broaden its presence through TBZ’s existing network.
G.R. Radhakrishnan, managing director of GRT Jewellers, described the transaction as “truly transformative”, saying the company’s long-awaited ambition of building a meaningful pan-India presence was becoming a reality, as reported by Fortune India.
GRT said the two businesses bring complementary strengths. TBZ contributes its heritage, customer relationships and merchandise portfolio, while GRT brings retail capabilities and a growth-oriented approach.
R. Vijayaraghavan, executive director and CEO of GRT Jewellers, who spearheaded the acquisition, said the combined management bandwidth of GRT and TBZ’s senior executives would focus on multiple growth drivers to take the jewellery brand into its next phase.
TBZ’s legacy
TBZ traces its origins to 1864, when Bhimji Zaveri established its first store in Mumbai’s Zaveri Bazaar. The company has since grown to 37 locations across India.
TBZ chairman and managing director Shrikant Zaveri said the family was proud of the brand’s journey across five generations and expressed confidence that its heritage, values and people would be in “the absolute best hands” with GRT.
GRT Jewellers, founded in 1964 by G. Rajendran, operates 68 stores across India and one in Singapore, with more than 12,000 employees. It has around 650,000 sq ft of retail space and a customer base of over 15 million. Its portfolio spans gold, silver, diamond and platinum jewellery, along with sub-brands such as Oriana and Silvana.