India M&A Landscape | August 2026
Strategic Consolidation Gains Momentum Across Jewellery and Specialty Chemicals
August 2026
India’s M&A market saw a notable increase in strategic control transactions in August 2026, with activity spanning organised retail, specialty chemicals, infrastructure, manufacturing and other mid- and small-cap segments. While the month recorded nine SEBI-triggered open-offer transactions, two deals stood out for their scale, strategic rationale and implications for sector consolidation.
The standout transaction was GRT Jewellers’ acquisition of a 74.12% controlling stake in Tribhovandas Bhimji Zaveri (TBZ) for up to ₹1,033.71 crore, followed by a mandatory open offer. The transaction gives GRT immediate access to TBZ’s established pan-India retail network and marks its first entry into a listed jewellery business.
The second major transaction was Indo Borax and Chemicals’ acquisition of a 64.26% controlling stake in Kronox Lab Sciences for ₹246.12 crore, strengthening its position in specialty and laboratory chemicals.
Beyond these headline deals, August also highlighted the continued use of share-swap structures and reverse-listing transactions, particularly among smaller listed companies.
GRT Jewellers Acquires Control of TBZ
On 31 August 2026, GRT Jewellers (India) Private Limited entered into an agreement to acquire 74.12% of Tribhovandas Bhimji Zaveri Limited (TBZ) from the Zaveri promoter family and related promoter entities.
The transaction involves a promoter stake purchase at ₹209 per share, representing consideration of up to ₹1,033.71 crore. GRT will also make a mandatory open offer for up to 25.88% of TBZ at ₹249.61 per share, taking the potential total transaction value to approximately ₹1,465 crore assuming full acceptance.
TBZ, one of India’s oldest organised jewellery brands, traces its origins to 1864 and currently operates 37 stores across 28 cities in 13 states. The company reported revenue of ₹3,202.95 crore in FY26, up 22.2% year-on-year, while EBITDA increased by 108.7% to ₹360.85 crore and PAT nearly tripled to ₹202.31 crore.
For GRT, the acquisition provides a strategic opportunity to expand beyond its traditionally South India-heavy footprint. TBZ’s presence across Western and Northern India complements GRT’s existing network and gives the group an established listed platform with a recognised national brand.
The transaction also reflects the broader consolidation underway in India’s organised jewellery market, where established players are increasingly pursuing scale, geographic expansion and stronger branded retail networks.
Specialty Chemicals Consolidation Gains Ground
The second major transaction of the month was Indo Borax and Chemicals Limited’s acquisition of control of Kronox Lab Sciences Limited.
On 20 August 2026, Indo Borax, together with Zenrock Chemicals as a person acting in concert, agreed to acquire 64.26% of Kronox from its promoter group for ₹246.12 crore. A mandatory open offer for up to 25.79% of the company has been launched at ₹157.27 per share, potentially taking the combined transaction value to approximately ₹396.6 crore.
Kronox manufactures speciality and laboratory-grade chemicals across multiple facilities in Gujarat and has a meaningful export business. Its recent operating performance has also shown strong momentum, with Q1 FY26 revenue increasing 34% year-on-year to ₹71.33 crore and PAT rising 60% to ₹25.85 crore.
For Indo Borax, the acquisition provides entry into a higher-margin adjacent product segment while adding Kronox’s technical capabilities, manufacturing infrastructure and export relationships to its existing boron-chemicals business.
The transaction therefore represents a broader trend of adjacency-led M&A, where established companies acquire businesses that complement their existing operations rather than pursuing unrelated diversification.
Reverse Listings Remain an Alternative Route to Market
Alongside the two large strategic transactions, August saw several smaller transactions involving listed entities acquiring unlisted operating businesses through share swaps and preferential allotments.
Transactions involving Kuber Udyog and Golden Ikon Fleet Management, Aar Shyam India Investment Company and SVR Electro Projects, Ishaan Infrastructures and the Bothra-family electronics businesses, and Jay Kailash Namkeen and Vayuveer Solutions followed variations of this structure.
In these transactions, listed companies issue shares to the owners of unlisted businesses in exchange for acquiring those businesses. This effectively provides the unlisted company with access to a listed platform without following the conventional IPO route.
The continued use of this structure highlights the relevance of reverse-listing and reverse-merger transactions for smaller businesses seeking public-market access. However, these transactions also require greater attention to governance, disclosure standards, valuation, liquidity and minority shareholder protection.
Family and Promoter-Led Control Consolidation
August activity was not limited to strategic acquisitions by external companies. The month also saw transactions involving the reallocation and consolidation of existing promoter control.
At The South India Paper Mills, Nandini Modi and Kirit Modi acquired a 20.21% stake from fellow promoter-group members for ₹45.48 crore, consolidating control within the existing Modi promoter group.
Similarly, the Pasupati Fincap transaction involved Uday Narang acquiring an 11.55% promoter stake from the outgoing promoter, while ACI Infocom witnessed an existing director consolidate control through a preferential allotment of equity shares and warrants.
These transactions indicate that promoter succession, ownership realignment and internal control consolidation continue to form an important part of India’s listed-company M&A landscape.
What August Signals for India’s M&A Market
August’s transactions point to three broader themes.
First, sector consolidation is becoming increasingly strategic. GRT’s acquisition of TBZ and Indo Borax’s acquisition of Kronox both involve established businesses using M&A to accelerate expansion, strengthen market positioning and access complementary capabilities.
Second, listed platforms are becoming strategically valuable. The GRT-TBZ transaction demonstrates how an established operating company can use an acquisition to gain immediate access to a listed platform and an established retail network. Meanwhile, the smaller reverse-listing transactions show how unlisted businesses can use existing listed entities as an alternative route to public markets.
Third, transaction structures are becoming more varied. August saw conventional promoter stake purchases, strategic acquisitions, preferential allotments, share swaps and intra-family control transfers. This diversity highlights the importance of structuring transactions around the specific financing, ownership and market-access objectives of the parties involved.
Outlook
August 2026 reinforced the shift in India’s M&A market towards strategic consolidation rather than transaction volume alone. The GRT-TBZ and Indo Borax-Kronox transactions demonstrate continued appetite for acquiring established operating businesses, while the smaller share-swap transactions point to sustained interest in alternative routes to listed-market access.
With organised retail, specialty chemicals, manufacturing and technology-enabled businesses continuing to attract strategic interest, M&A activity in the second half of 2026 is likely to remain focused on scale, geographic expansion, operational synergies and access to specialised capabilities.
For companies and promoters evaluating acquisitions, the evolving transaction landscape also underscores the importance of choosing the right deal structure, assessing regulatory requirements and aligning ownership, financing and governance considerations before execution.
