GRT Jewellers to acquire 74.12 per cent stake in TBZ the Original

MUMBAI: The jewellery game is getting a little more sparkle, and this time it is coming with a deal. GRT Jewellers India Private Limited has agreed to acquire a 74.12 per cent stake in listed jewellery retailer TBZ the Original, in a move that could reshape the footprint of two established names in India’s organised jewellery market.

The share purchase agreement, signed with TBZ’s promoters on August 31, is subject to regulatory approvals and customary closing conditions. Following the transaction, GRT will also launch an open offer for an additional around 26 per cent of TBZ, as required under SEBI regulations.

For GRT, the acquisition offers something that usually takes years and plenty of capital to build: an established national network. TBZ operates 37 stores across India and traces its roots back 162 years to a single outlet in Mumbai’s Zaveri Bazaar.

Chennai-based GRT Jewellers, founded by G. Rajendran in 1964, currently operates 68 stores across India and one in Singapore. It has more than 12,000 employees, around 6.5 lakh sq ft of retail space and a customer base of more than 15 million.

Its portfolio spans gold, silver, diamond and platinum jewellery, alongside brands such as Oriana, focused on lightweight affordable gold and diamond jewellery, and Silvana, its silver jewellery label.

The TBZ deal therefore gives GRT more than just another 37 storefronts. It brings an established brand, existing customer relationships and a presence across markets that can complement GRT’s own regional strength.

G.R. ‘Ananth’ Ananthapadmanabhan, Managing Director of GRT Jewellers, said the acquisition fits the company’s strategy of expanding its presence across India, while G.R. Radhakrishnan, Managing Director, described it as transformative for GRT’s long-standing ambition of building a meaningful pan-India footprint.

TBZ’s story dates back to 1864, when Bhimji Zaveri began the business with a single store in Mumbai’s Zaveri Bazaar. Five generations later, the business has grown into a 37-store network spanning gold, diamonds and bridal jewellery, supported by manufacturing operations and a network of artisans and vendors.

TBZ Chairman and Managing Director Shrikant Zaveri said the company had evolved from its original Zaveri Bazaar storefront into its current network over five generations. He also credited his daughters Binaisha Zaveri and Raashi Zaveri for helping scale the business over the past two decades.

The transaction is expected to bring together GRT’s larger retail network and operating capabilities with TBZ’s heritage and established brand equity.

GRT said its management team and TBZ’s senior executives will work together on growth initiatives after the transaction closes.

The deal comes as organised jewellery retailers increasingly look beyond organic store expansion to build scale, widen geographic reach and strengthen established brands.

For GRT, acquiring TBZ provides a shortcut to a wider national presence rather than building the same network from the ground up. For TBZ, the transaction marks a new phase for a jewellery name that has been part of India’s retail landscape since 1864.

Deloitte is the lead adviser to the transaction, with Axis Capital acting as GRT’s financial adviser. Trilegal is advising GRT as legal counsel, while Srihari & Co is handling financial and tax due diligence. AZB & Partners is advising TBZ and Ernst & Young LLP is its financial adviser.

The acquisition and subsequent open offer remain subject to the required regulatory approvals and closing conditions.