New Delhi, Sep 8: GRT Jewellers is set to significantly expand its presence in India’s organised jewellery market with the proposed acquisition of a 74.12 per cent stake in Tribhovandas Bhimji Zaveri (TBZ) for up to Rs 1,033.71 crore.

The all-cash transaction will give GRT control of TBZ and trigger an open offer for the remaining public shareholding, marking a major ownership transition for the 162-year-old jewellery brand.

The deal is strategically important for GRT as it adds TBZ’s 37-store network to its existing retail operations. The combined footprint is expected to strengthen GRT’s reach across key jewellery markets and deepen its presence in India’s growing organised retail segment.

TBZ, which began with a store in Mumbai’s Zaveri Bazaar in 1864, has built a nationwide presence over the decades. Its strong association with wedding and occasion-led jewellery also gives GRT access to an established customer base in an important segment of the jewellery market.

The acquisition comes at a time when India’s jewellery industry is seeing greater consolidation, with established retailers looking to expand through larger store networks, stronger brands and wider geographical reach.

The market has responded positively to the announcement. TBZ shares hit the upper circuit for a second consecutive session on Tuesday, reaching Rs 545.70 on the BSE and marking a fresh 52-week high.

For GRT, the acquisition offers an opportunity to combine its retail scale and operational capabilities with TBZ’s legacy brand and established market presence. Subject to regulatory approvals and completion conditions, the transaction could reshape the competitive landscape in India’s organised jewellery retail sector.