COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES

Moody's eyes stake in ICRA, to seek FIPB nod

Global rating major Moody's will approach the Foreign Investment Promotion Board in about a month seeking permission to acquire equity stake in ICRA Limited, the Delhi-based credit rating agency.

''The process is on and the documentation is being completed,'' ICRA managing director P K Choudhury said in New Delhi.

Moody's would be taking up an equity stake of ten per cent in the Indian rating agency besides providing the technology backup.

Choudhury welcomed the move by the Securities and Exchange Board of India to issue norms for regulation of the credit rating agencies. The SEBI step would prevent companies to take advantage of the competition between different agencies, he said.

The Delhi-based ICRA Limited today announced relaunch of its Industry Watch series with publication of a status report on the cement industry.

''ICRA will publish a detailed report on one industry every month,'' Choudhury said here.

The next report would be on the pharmaceuticals industry to be followed by the one on the automobile ancillary sector.

Business news