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CCI clears GRT’s acquisition of TBZ

The Competition Commission of India has approved GRT Jewellers (India) Private Ltd proposed acquisition of majority stake in Tribhovandas Bhimji Zaveri Ltd.

Mergers and Acquisitions
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The Acquirer is a private limited company, primarily engaged in the manufacture and sale of gems and jewellery in India. The Target is a publicly listed company, engaged in the business of manufacturing and sale of gems and jewellery in India, the Commission said in a statement.

GRT Jewellers India Private Ltd. had agreed to buy entire promoter stake of 74.12 per cent in listed jewellery company Tribhovandas Bhimji Zaveri (TBZ) for Rs 1,033.71 crore. The move will help GRT expand across India.

GRT will also be launching an open offer for another 26 per cent.

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