GRT Jewellers Acquires 74% Stake in Tribhovandas Bhimji Zaveri for $109 Million

Tribhovandas Bhimji Zaveri, India's oldest jewellery retailer, is set to change hands in a deal worth up to $109 million. GRT Jewellers India will acquire a 74.12% stake in the company for between ₹10.34 billion and ₹15.11 billion.

The acquisition is part of GRT's strategy to expand its footprint across India through its network of 37 stores, said Managing Director G.R. Ananthapadmanabhan. The deal will help GRT build a stronger pan-India presence by acquiring the legacy brand, which was founded in 1864.

The stake purchase is subject to regulatory approvals and GRT will also launch an open offer for an additional about 26% stake in Tribhovandas Bhimji Zaveri. The acquisition will help GRT strengthen its position in India's jewellery sector, where major retailers are reassessing their growth strategies due to rising gold prices.