ICRA has agreed to sell its wholly owned subsidiary 'ICRA Techno Analytics' (ICTEAS) to Nihilent Technologies, a global consulting and solutions Integration Company. Edelweiss was the transaction adviser to ICRA. ICTEAS, based in Kolkata, provides information technology and business analytics services to a global client base.
The sale is contingent upon approval from the company's shareholders and certain other conditions and is expected to be finalized in next 2-3 months. The sale of ICTEAS contributes to ICRA's continued focus on its core credit ratings and research business.
ICRA was established in 1991 by leading Indian financial/investment institutions, commercial banks and financial services companies as an independent and professional Investment Information and Credit Rating Agency.