BENGALURU: Tribhovandas Bhimji Zaveri said on Monday that GRT Jewellers India will acquire a 74.12% stake in the company for up to 10.34 billion rupees ($108.66 million), taking control of the jewellery retailer.Based on Tribhovandas Bhimji Zaveri's ‌market capitalisation of ⁠20.38 billion ⁠rupees, the stake is valued at about 15.11 billion rupees.India's jewellery sector is reassessing its growth strategy as major retailers rein in rapid expansion and double down on lightweight jewellery as gold prices soar to all-time highs.Also read: Govt likely discussing import duty cut on gold and silver as high tariffs ‘fail’ to curb importsGRT will acquire the ​stake from the firm's top ⁠shareholders and launch ‌an open offer for an about ​26% additional ​stake, the companies said in a press ⁠release.Both Tribhovandas Bhimji Zaveri 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.Tribhovandas Bhimji Zaveri, 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 ​G.R. Ananthapadmanabhan said.The ⁠acquisition of the 162-year-old legacy brand would help GRT build a stronger pan-India presence, the company said.Founded in Chennai ​in 1964, GRT operates 68 stores across India and one in Singapore.The stake purchase is subject to regulatory approvals, the firms said.