India's GRT Jewellers seeks control of Tribhovandas Bhimji Zaveri in up to $109 million deal
BENGALURU: India’s Tribhovandas Bhimji Zaveri said on Monday that GRT Jewellers India will acquire a 74.12% stake in the company for up to 10.34 billion rupees ($108.66 million), taking control of the jewellery retailer. Based on Tribhovandas Bhimji Zaveri’s market capitalization of 20.38 billion rupees, the stake is valued at about 15.11 billion rupees. India’s jewellery sector is reassessing…
India's Tribhovandas Bhimji Zaveri is seeking to consolidate control of the company in a potential deal worth up to $109 million. GRT Jewellers India plans to acquire a 74.12% stake in the 162-year-old jewellery retailer, valued at approximately $108.66 million. This stake represents 15.11 billion rupees based on Tribhovandas Bhimji Zaveri's current market capitalization of 20.38 billion rupees.
The acquisition comes as India's jewellery sector reevaluates its growth strategy, with major retailers cutting back on expansion and focusing on lightweight jewellery due to soaring gold prices reaching all-time highs. Both Tribhovandas Bhimji Zaveri and GRT Jewellers have a strong presence in gold and diamond jewellery, which are integral to weddings and other auspicious occasions in India, the world's second-largest gold consumer that relies on imports to meet nearly all of its demand.
Founded in Chennai in 1964, GRT Jewellers operates 68 stores across India and one in Singapore. The acquisition would help GRT build a stronger pan-India presence through its extensive network of 37 stores. The stake purchase is subject to regulatory approvals.
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