GRT Jewellers to Acquire 74% Stake in TBZ for ₹1,034 Crore to Expand Pan-India Presence

Chennai-headquartered jewellery retailer GRT Jewellers is expanding its footprint nationally through a major acquisition. The company has announced the signing of a share purchase agreement to acquire a 74.12 percent stake in Tribhovandas Bhimji Zaveri, widely known as TBZ the Original, for ₹1,034 crore.

As part of the transaction, GRT Jewellers will acquire the shares currently held by the promoters of the listed entity, TBZ. Following the completion of this share purchase, GRT will launch an open offer for the remaining 26 percent stake, which is currently held by retail shareholders (24.4 percent) and Foreign Institutional Investors (1.47 percent) as of June 2026. At the time of writing, TBZ's market capitalization stands at approximately ₹2,030 crore.

The execution of the deal remains subject to appropriate regulatory approvals and customary closing conditions. Founded in 1864, Mumbai-headquartered TBZ is one of India's oldest jewellery retailers, operating a network of 37 stores across the country that specialize in gold, diamond, and precious jewellery.

G.R. Ananthapadmanabhan, Managing Director of GRT Jewellers, stated that acquiring the 162-year-old legacy brand aligns with the company's strategic goal of expanding its presence across India, leveraging TBZ's existing 37 store locations.

G.R. Radhakrishnan, Managing Director of GRT Jewellers, noted that the acquisition enables the group to establish a meaningful pan-India presence while creating operational synergies. He highlighted that the complementary strengths of both organizations—covering heritage, customer relationships, merchandise portfolios, retail capabilities, and growth orientation—will combine to form a stronger retail experience.

Shrikant Zaveri, Chairman and Managing Director of TBZ, reflected on the brand's history originating from a single storefront in Zaveri Bazaar five generations ago. He expressed confidence that passing the heritage, values, and workforce to GRT Jewellers marks a positive next chapter for TBZ.

Established in 1964 by Chairman G. Rajendran, GRT Jewellers is an established retail network operating 68 stores across India and one store in Singapore. The company employs over 12,000 people, maintains approximately 6,50,000 square feet of retail space, has a strong presence in e-commerce, and manages sub-brands such as Oriana for lightweight gold and diamond jewellery and Silvana for silver.

"This acquisition represents a strategic consolidation in India's organized retail jewellery sector. By combining GRT Jewellers' robust retail footprint with TBZ's legacy brand equity and established store network, the transaction creates significant operational synergies. For traditional retail enterprises, pursuing inorganic growth through strategic acquisitions is an effective pathway to scale rapidly across geographies while optimizing market positioning." — Dr. Shishir Gupta, Founder & CEO, StartupLanes