ICRA to sell subsidiary to Nihilent Technologies
06 August 2016
Credit rating agency ICRA has struck a a deal to sell its wholly-owned subsidiary ICRA Techno Analytics Ltd (ICTEAS) to global consulting and solutions Integration Company Nihilent Technologies for an undisclosed amount.
Kolkata-based ICTEAS is a global information technology organization, with offices in India and the US, and partners across Asia, Europe and America.
Its core strengths are business intelligence and analytics where its frontline BI product, popularly known as the TurfView suite, is currently deployed across more than 15 countries by clients such as British Petroleum.
ICTEAS also offers engineering design services and had revenues of Rs73 crore, or a little over a fifth of Moody's controlled ICRA.
Nihilent's majority shreholder with a is 69.16-per cent is Hatch Investments (Mauritius) Ltd, an investment holding company jointly owned by NTT-owned Dimension Data Protocol BV and South Africa's Adcorp Professional Services Ltd.
Nihilent, which provides consulting and IT outsourcing services, received approval for an IPO in February.
The sale is subject ICRA shareholders approving the transaction and certain other conditions,.
The deal is expected to be finalised in the next 2-3 months. Edelweiss was the transaction adviser to ICRA, the agency said in a statement.
"The sale of ICTEAS contributes to ICRA's continued focus on our core credit ratings and research business. And, I believe the sale is beneficial to stakeholders and employees of both companies, as it will help each business achieve its full potential," managing director and group chief executive officer of ICRA Naresh Takkar said.
ICRA Limited on Saturday said it will to sell its wholly owned subsidiary ICRA Techno Analytics Limited (ICTEAS) to Nihilent Technologies Limited, a global consulting and solutions Integration Company.
ICTEAS, based in Kolkata, provides information technology and business analytics services to a global client base.
''The sale of ICTEAS contributes to ICRA's continued focus on our core credit ratings and research business. And, I believe the sale is beneficial to stakeholders and employees of both companies, as it will help each business achieve its full potential.'' said Naresh Takkar, Managing Director & Group CEO of ICRA.
The credit rating agency, however, did not disclosed the deal size.
ICRA, in a notice to the BSE, said the sale is contingent upon approval from its shareholders and certain other conditions and is expected to be finalised in next 2-3 months. Edelweiss was the transaction adviser to ICRA.
Credit rating firm ICRA Ltd said on Friday it has struck a deal to sell its software development arm, ICRA Techno Analytics Ltd, to IT firm Nihilent Technologies Ltd for Rs 68.75 crore ($10.3 million).
Pune-based Nihilent, which had filed for an initial public offering in December last year, will pay Rs 32 crore in cash. The mid-sized ....
Pune-based Nihilent, which had filed for an initial public offering in December last year, will pay Rs 32 crore in cash. The mid-sized IT firm will also subscribe to 10% interest-bearing unlisted non-convertible debentures to be redeemed one year and 15 days after the issuance.
ICRA Techno is a wholly owned subsidiary of Moody's-contr ....