GRT Jewellers to acquire 74.12% stake in TBZ for up to ₹1,033.7 crore

Chennai-based GRT Jewellers India Pvt. Ltd has signed a share purchase agreement to acquire a 74.12% stake in listed jewellery retailer Tribhovandas Bhimji Zaveri Ltd (TBZ), known as TBZ The Original, from its promoters. The deal values the promoter stake at up to ₹1,033.71 crore.

Following the transaction, GRT will launch an open offer to acquire an additional approximately 26% stake from public shareholders, in line with Securities and Exchange Board of India (Sebi) regulations.

The acquisition will give GRT control of TBZ and marks an expansion of its presence in India’s organised jewellery retail market.

The deal also marks a significant consolidation in India’s jewellery retail sector, with a South India-focused brand acquiring a jewellery retailer with a strong presence in North and Western India. According to Motilal Oswal, 59% of TBZ's stores are located in Western India.

The acquisition is subject to regulatory approvals and customary closing conditions.

“We are truly excited to acquire the 162 years old legacy brand TBZ. This very well fits into our strategy of spreading our presence across India with TBZ having 37 Stores,” said G.R. ‘Ananth’ Ananthapadmanabhan, managing director of GRT Jewellers, in a statement.

GRT Jewellers was founded by the Chairman Shri G. Rajendran in 1964, and currently operates 68 stores across India and one store in Singapore. GRT Jewellers also presence in the ecommerce space and operates a few sub-brands like Oriana for light-weight affordable jewellery in gold and diamonds and also Silvana for silver jewellery collections.

TBZ began in 1864 with a single flagship store in Zaveri Bazar and now operates 37 stores across India.

According to an 11 August report by Motilal Oswal Financial Services, only 40-45% of the jewellery market in India is organized. “Among the top 18 jewelry companies (that Motilal tracked), Titan remains the largest player with ~9% share of the Indian jewelry market, followed by Malabar at ~7% and GRT at 5%,” the report said.

TBZ reported a FY26 revenue from operations of ₹3,202.95 crore. GRT reported a revenue of ₹34,369 crore, in FY25, according to market intelligence platform Tracxn.

For comparison, the largest listed player, Titan's consolidated total income for FY26 was ₹76,078 crore.

Shares of TBZ ended at ₹304.40 on the National Stock Exchange on Monday, up 0.9% from the previous close, in a weak market. The shares have risen 84.62% from January to date, compared with a 7.90% drop in the benchmark Nifty50.