On October 13, 2014 CCI approved the proposed acquisition of up to 24 % of the equity share
capital of Kalyan Jewelers Private Limited (‘Kalyan’) by Highdell Investment Limited (‘HIL’).

CCI observed that Highdell is an investment holding company, incorporated with the object
of holding long term investments. Shareholders of HIL are private equity funds managed by
Warburg Pincus LLC (‘WP’), a leading global private equity firm focused on investing in portfolio
companies across a broad spectrum of industries and geographies. CCI also observed that
Kalyan is engaged in the business of manufacture and sale of gems and jewelry in India.

CCI observed that neither HIL nor WP had any investments in companies engaged in any
business similar to Kalyan. Accordingly, CCI concluded that, in light of the fact that the parties to
the proposed transaction had no horizontal or vertical overlaps, the proposed transaction was
unlikely to have any AAEC in India. Hence, CCI approved the transaction.

For further information, please contact:

Zia Mody, AZB & Partners
[email protected]

Abhijit Joshi, AZB & Partners 
[email protected]

Shuva Mandal, AZB & Partners 
[email protected]

Samir Gandhi, AZB & Partners
[email protected]

Percy Billimoria, AZB & Partners 
[email protected]

Aditya Bhat, AZB & Partners 
[email protected]