GRT Jewellers to acquire 74.12% of TBZ for up to ₹1,033.71 crore
GRT Jewellers has agreed to acquire a 74.12% stake in Tribhovandas Bhimji Zaveri (TBZ) and will launch an open offer for the remaining 26%. The deal, pending approvals, adds TBZ’s 37-store network to GRT’s 68 Indian stores as it targets broader national expansion.
What happened
GRT Jewellers signed an agreement to acquire a 74.12% stake in TBZ for up to ₹1,033.71 crore and will make a 26% open offer. The deal gives GRT access to TBZ’s
Key facts
- GRT to acquire 74.12% stake in TBZ
- Transaction value up to ₹1,033.71 crore
- GRT to launch open offer for an additional 26% stake
- TBZ has 37 stores
- GRT has 68 stores in India and 1 in Singapore
- GRT has around 650,000 sq ft of retail space
- GRT employs over 12,000 people
- TBZ was founded in 1864; GRT was founded in 1964
Why this matters
The deal illustrates how acquiring an established regional jewellery brand can rapidly provide national reach, heritage customer access and a ready-made store network versus greenfield expansion.
What to watch
- Open-offer price, acceptance level and resulting final GRT shareholding.
- SEBI, competition and other transaction approval timelines.
- Management commentary on whether the TBZ name, leadership and store formats will be retained.
- Comparable-store sales, gross margin and inventory-turn trends at TBZ after closing.
- Store overlap, planned closures or additions, and announced capex for western and northern expansion.
- Responses from Titan/Tanishq, Kalyan, Senco, Malabar and regional jewellers through store openings, promotions or M&A.
- Launch the mandatory open offer and seek regulatory, shareholder and other transaction approvals.
- Establish a post-merger integration team focused on gold sourcing, inventory systems, loyalty data, e-commerce and shared back-office functions.
- Decide whether TBZ remains a distinct heritage brand in western India or is selectively repositioned under a multi-brand portfolio.
- Prioritize refurbishment, assortment localization and digital lead generation at TBZ's highest-potential Mumbai and western-region stores.
- Use the combined footprint to negotiate improved supplier terms and selectively pursue additional store clusters in North and West India.