GRT Jewellers India Ltd (GRT), one of India's leading retail jewelry companies, announced on Monday the signing of a Share Purchase Agreement (SPA) with the promoters of the public jewelry retail company Tribhovandas Bhimji Zaveri Ltd (TBZ). Under this agreement, GRT will acquire approximately 74.12 percent of the 162-year-old company for a total consideration of up to INR 1033.71 crore.
The completion of the deal is subject to obtaining necessary regulatory approvals and satisfying standard closing conditions. Furthermore, in accordance with applicable SEBI regulations, GRT plans to make an open offer to purchase an additional 26 percent of the shares.
Deal Details and Strategy
G. R. "Anant" Anantpadmanabhan, Managing Director of GRT Jewellers, expressed enthusiasm regarding the acquisition of the 162-year-old TBZ brand, noting that it perfectly aligns with the company's strategy to expand its presence across India, given that TBZ operates 37 stores. He emphasized the commitment to creating value for all stakeholders, including customers, shareholders, employees, suppliers, bankers, and other partners in the future.
G. R. Radhakrishnan, also a Managing Director at GRT Jewellers, described the acquisition as transformative for GRT. He noted that the long-held aspiration to build a significant nationwide presence is becoming a reality. In his view, the combination of the strengths of both organizations—their heritage, customer relationships, and product range, alongside GRT's retail capabilities and growth orientation—will ensure a powerful retail experience, taking TBZ to a new level of development and creating value for all participants.
GRT Jewellers was founded by G. Rajendran in 1964 and is a recognized leader in jewelry retail, operating 68 stores in India and one in Singapore, with over 12,000 employees. The brand is known for its reliability and auspiciousness, in addition to its wide range of gold, silver, diamond, and platinum jewelry, as well as various silver articles.
R. Vijayaraghavan, Executive Director and CEO of GRT Jewellers, who oversaw the acquisition process, stated that combining GRT's experienced management expertise with TBZ's professional senior leadership will enable the realization of several growth drivers to elevate TBZ to new heights.
GRT Jewellers has a retail area of approximately 650,000 square feet, maintains a strong e-commerce presence, and manages several sub-brands such as Oriana for affordable gold and diamond jewelry, and Silvana for silver.
TBZ began operations in 1864 under the vision of the late Bhimji Zaveri, starting with a single flagship store in Zaveri Bazaar. TBZ's integrated business model combines a modern manufacturing unit, skilled artisans, and a strong supplier network. TBZ's presence across India through 37 stores helps the company remain close to its customers and respond to their changing preferences.
Shrikant Zaveri, Chairman and Managing Director of TBZ, shared that what started five generations and 162 years ago as a single small shop in Zaveri Bazaar and a family dream, has evolved into 37 outlets across the country through decades of relentless dedication. He expressed immense pride in the company moving into the future with GRT. He is also proud of his two daughters, Binayshi and Raashi, who played a crucial role in scaling the business over the last 20 years, and he is confident that their legacy, values, and people are in capable hands to write the next great chapter of TBZ.
Deloitte served as the lead advisor on the deal, and Axis Capital acted as the financial advisor for GRT. Trilegal provided legal support to GRT, while Srihari & Co. advised on financial and tax due diligence. AZB & Partners acted as legal counsel for TBZ, and Ernst & Young LLP was the financial advisor to TBZ.
