GRT Jewellers has announced an agreement to acquire a controlling stake in Tribhovandas Bhimji Zaveri (TBZ) for up to Rs.1,033.71 crore. The transaction is aimed at expanding GRT’s presence in western India, particularly Maharashtra and Gujarat, where TBZ has an established retail network.
The deal also involves a mandatory open offer for 25.88% of TBZ’s public shareholding at Rs.249.61 per share. GRT currently operates 68 stores in India and one in Singapore, while TBZ has 37 stores across 28 cities. The acquisition is expected to increase GRT’s geographical reach and scale in the organised jewellery market.
