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CRISIL today announced that it has reached a preliminary understanding with US-based Equifax Inc., and non banking finance company Tata Capital Limited, to set up a credit information company (CIC) in India. CRISIL has applied to the Reserve Bank of India (RBI) for permission to start and operate a CIC, the establishment of which will depend on regulatory approval from RBI. CRISIL is India's leading ratings, research, risk and policy advisory company, with revenues of Rs.2.94 billion in 2006, while Equifax is a leader in global credit information services and Tata Capital, a wholly owned subsidiary of Tata Sons Limited, the apex holding company of the Tata Group, undertakes fund- and fee-based activities in the financial sector. CRISIL's majority shareholder is Standard & Poor's, a division of The McGraw-Hill Companies and the world's foremost provider of financial market intelligence. In serving the growing demands of credit information in India, the proposed initiative will capitalise on CRISIL's understanding of the Indian markets, Equifax's sophisticated tools and analytics, and the Tata Group's credibility and capability. "The positioning of the CIC in the Indian market will be unique", says Ms. Roopa Kudva, CRISIL's Managing Director and chief executive officer. "With our capable and respected partners, Equifax and Tata Capital, we look forward to providing the Indian market with cutting-edge credit information services and analytics."
CRISIL has rated instruments issued by more than 4600 large entities, and has evaluated more than 1500 small and medium enterprises.
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