TBZ acquired by GRT Jewellers in ₹1,034
GRT Jewellers will acquire a 74.12% controlling stake in TBZ The Original for up to ₹1,033.71 crore, followed by an open offer for 26% more.
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 retailer with a strong presence in North and Western India. According to Motilal Oswal, 59% of TBZ's stores are located in Western India.
Strategic Expansion
“We are truly excited to acquire the 162 years old legacy brand TBZ.” 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 has a 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.
Market Context and Financials
The acquisition occurs within a market where organization is still growing. 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. This deal will significantly alter the market standings for organised retail.
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.
Share Performance and Deal Conditions
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. Investors can track such share price movements and other key stats on financial platforms.
The acquisition is subject to regulatory approvals and customary closing conditions. The deal represents a major move in the competitive landscape of Indian jewellery retail.
