Moody’s Indian subsidiary ICRA Limited announced that it has agreed 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 sale is contingent upon approval from ICRA’s shareholders and certain other conditions and is expected to be finalized in next 2-3 months. Edelweiss was the transaction adviser to ICRA.
Source: ICRA Press Release