Moody’s withdraws rating from Kalyan Jewelers

“Given the current market conditions, the company has reversed its plans to gain access to the international debt capital markets. Moody’s has decided to withdraw the rating for its own business reasons,” Moody’s said.

The Rs 9,056 crore revenue Kalyan Jewelers is the second largest jewelry company in India. It also has activities in the Middle East.

The Kalyanaraman family (promoter family) and associated companies own 60.53 percent of Kalyan Jewelers.

Highdell Investments Ltd, a subsidiary of private equity firm Warburg Pincus & Company US LLC, has a direct stake of 26.36 percent, Moody’s said.

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