GRT Jewellers looks to go pan-India, acquires 74% stake in TBZ for ₹1,034 crore

Tamil Nadu's renowned jewelry brand, GRT Jewellers, is planning to expand its reach across India by acquiring a 74.12 percent stake in Tribhovandas Bhimji Zaveri (TBZ), also known as the Original or TBZ. The acquisition is set to be completed for ₹1,034 crore, with GRT Jewellers announcing a share purchase agreement (SPA) with TBZ. GRT will offer the remaining 26 percent of the shares held by Foreign Institutional Investors (1.47 percent) and retail shareholders (24.4 percent) for sale.

With a legacy dating back to 1864, TBZ is one of India's oldest jewelry retailers, operating a network of 37 stores nationwide. GRT Jewellers, established in 1964 by G. Rajendran, currently has 68 stores across India, one in Singapore, and employs over 12,000 people. The company boasts approximately 6,50,000 sq.ft of retail space and is making strides in the e-commerce sector.

G.R. Ananthapadmanabhan, Managing Director of GRT Jewellers, expressed excitement about acquiring the 162-year-old legacy brand TBZ, stating that it aligns with their strategy to expand their presence across India. G.R. Radhakrishnan, Managing Director of GRT Jewellers, added that the acquisition of TBZ complements both companies' heritage, customer relationships, and merchandise portfolio, enabling TBZ to enter its next phase of growth and create value for all stakeholders.

Shrikant Zaveri, Chairman & Managing Director of TBZ, shared his pride in seeing the brand step into the future with GRT Jewellers, recognizing that their heritage, values, and people are in excellent hands to write the next chapter for TBZ.