GRT Jewellers India has signed a share purchase agreement to acquire a 74.12% controlling stake in jewellery retailer Tribhovandas Bhimji Zaveri for up to ₹1,034 crore. Additionally, GRT plans to launch an open offer to acquire a further 26% stake in the company.
BENGALURU — In a significant consolidation move within the Indian retail sector, Tribhovandas Bhimji Zaveri announced on Monday that GRT Jewellers India has signed a share purchase agreement to acquire a 74.12% stake in the company.
The transaction, valued at up to ₹1,034 crore (approximately $108.66 million), will give GRT Jewellers controlling ownership of the jewellery retailer.
As part of the regulatory requirements and acquisition process, GRT Jewellers will also launch an open offer to acquire an additional 26% stake in Tribhovandas Bhimji Zaveri.
Further details regarding the timeline for the completion of the share purchase agreement and the subsequent open offer were not immediately disclosed in the announcement.
"This acquisition marks a major strategic consolidation in the traditional Indian jewellery retail market. When established players acquire controlling stakes in listed legacy brands, it often signals a shift toward larger market share consolidation and operational scaling. The subsequent open offer for an additional 26% stake will provide existing public shareholders an exit opportunity while allowing the acquirer to solidify its majority ownership in the company." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
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