IANS | 20 Sep, 2022
Credit
rating agency Moody's Investors Service on Tuesday said it has
withdrawn Kalyan Jewellers India Limited's (KJIL) B2 long-term corporate
family rating.
The rating outlook prior to withdrawal was stable.
"In
view of the current market conditions, the company has pushed back its
plans to access 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 Jewellers is the
second-largest jewelry company in India. It also has operations in the
Middle East.
The Kalyanaraman family (promoter family) and associated companies own 60.53 per cent of Kalyan Jewellers.
Highdell
Investments Ltd, an affiliate of private equity firm Warburg Pincus
& Company US LLC, has a direct stake of 26.36 per cent, said
Moody's.
