India's GRT Jewellers to gain control of peer TBZ in up to $109 million stake buy (updated)

Tribhovandas Bhimji Zaveri

31/08/2026 14:17

Adds analyst comment in paragraphs 6,7; background throughout
By Abinaya V and Praveen Paramasivam
BENGALURU, Aug 31 - India's Tribhovandas Bhimji Zaveri TBZL.NS said on Monday GRT Jewellers would take a controlling stake in the jewellery retailer for up to 10.34 billion rupees ($108.66 million).
GRT Jewellers will acquire a 74.12% stake from the top shareholders of the 162-year-old brand, subject to regulatory approvals. The acquisition will also trigger a mandatory open offer for an additional 26% stake under India's takeover regulations.
Based on TBZ's market capitalisation of 20.38 billion rupees, the stake is valued at about 15.11 billion rupees.
The stake sale comes as India's jewellery retailers are tempering expansion plans and shifting towards lightweight accessories amid record-high gold prices and an increase in import tariffs on gold and silver. 
Both TBZ and GRT have a strong presence in gold and diamond jewellery, 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.
"Getting control will often demand a discount to upgrade stores, improve execution, or absorb integration risk," Akshay D'Souza, a consumer sector consultant, told Reuters.
"Tribhovandas Bhimji Zaveri also appears to have meaningful debt on the balance sheet and this will lead to lower valuations, especially if recent revenues are supported by a gold bull run."
The company had a net debt of 7.8 billion rupees as of March 2026, according to data from LSEG.
Tribhovandas, which began with a single store in 1864, fits into GRT's strategy to expand its footprint across India through its network of 37 stores, GRT Jewellers' Managing Director GR Ananthapadmanabhan said.
Founded in Chennai in 1964, GRT operates 68 stores across India and one in Singapore.

     
($1 = 95.1625 Indian rupees)

 (Reporting by Abinaya V in Bengaluru and Praveen Paramasivam in Chennai; Editing by Sonia Cheema, Diti Pujara and Shilpi Majumdar)