Picks up minority stake in company.
By The American Bazaar Staff
NEW DELHI: Kalyan Jewellers, a leading jewelry chain in India, has announced that an affiliate of Warburg Pincus, has invested Rs 1,200 crore (more than $196 million) for a minority stake in the company.
This is the largest PE investment in the jewelry manufacturing and distribution industry in the country and the largest PE investment into Kerala thus far, according to a press release.
“Jewellery is one of the largest consumption categories in India, and Kalyan Jewellers has created a unique position as one of the largest and the most trusted jewellery brands in India,” said T S Kalyanaraman, chairman and managing director, Kalyan Jewellers, in a statement.
“Warburg Pincus’s investment in Kalyan Jewellers is the largest private equity investment into the jewellery industry in India, and is an acknowledgment of the company’s highly-talented team, its pioneering role within the industry, and its commitment to the highest levels of customer service,” said Vishal Mahadevia, MD and co-head, India, Warburg Pincus, in a statement.
Founded in 1993 and headquartered in Thrissur, Kerala, Kalyan Jewellers is one of the largest jewellery manufacturing and distribution companies in the country. Kalyan Jewellers has an established presence across all major markets in south India, Maharashtra, Gujarat, National Capital Region (NCR) and Punjab.
Presently, it has a network of 55 exclusive outlets in India and six exclusive outlets in the United Arab Emirates. Amitabh Bachchan and Aishwarya Rai Bachchan have represented the brand at the national level since 2012.
According to the report, the company also plans to rapidly scale up its global presence in the Middle East (Kuwait and Qatar) and South East Asia (Singapore and Malaysia). It plans to open 28 new outlets in the next six months, enhancing its distribution network significantly.
Warburg Pincus is a leading global private equity firm focused on growth investing. The firm has more than $39 billion in assets under management. Founded in 1966, Warburg Pincus has raised 13 private equity funds which have invested more than $50 billion in over 720 companies in more than 35 countries.