ICRA Ltd (formerly Investment Information and Credit Rating Agency of India Ltd) has entered into a joint venture agreement with Nepal’s Himalayan Infrastructure Fund Ltd (HIFL), a Rs 500-crore private equity fund, to offer credit rating services. ICRA will hold a majority stake in the venture.
The JV, which gives ICRA a direct offshore presence, is part of company’s plan to replicate some of its rating businesses there, said the company in a statement. It will set up a representative office in Kathmandu, and has appointed Deepak Kafle as resident director to oversee its operations.
ICRA has three wholly-owned subsidiaries: ICRA Management Consulting Services Ltd (IMaCS), ICRA Techno Analytics Ltd (ICTEAS) and ICRA Online Ltd (ICRON). Shares of the company were traded at Rs 791.25, up Rs 17.65 or 2.28% at 12:36 pm today.
HIFL has invested in projects including hydropower, insurance and real estate. It is also looking at establishing an infrastructure bank in Nepal.