Icra to beef up Kolkata BPO unit

Rating agency Icra plans to ramp up operations of its business process outsourcing (BPO) unit in Kolkata to tap the growing demand for analytical services. It also plans to make it a outsourcing hub for Moody's Investor Services.

The unit is engaged in innovation of various hybrid financial products for institutions and banks. It is also evolving appropriate rating mechanism for entities in retail, real estate business and small and medium enterprises.

Icra's major shareholders such as Moody's are outsourcing their needs of financial research and analysis to BPO unit, Naresh Takkar, joint managing director and chief rating officer of Icra, said.

Besides improving infrastructure, the agency will also increase the headcount to about 100 persons from 60-70 persons. According to Takkar, there is no plan to demerge BPO activity.

"The focus is on increasing the share of business from clients other than Moody's," another Icra official said.

Besides providing research and rating services, the unit would emerge as become a major outsource hub for Moody's Investor.

"It's a two-way business relationship between us and Moody's", he said. At present, global rating agency has farmed out some work to units in other countries and this could move to Icra's BPO.

Icra has recently restructured its consulting subsidiary Icra Management Consulting Services (IMaCS).

The plan is to develop it as an independent entity focusing on banking and infrastructure. It plans to extend its consultancy and research services overseas, where it has alliances with partners in Kuwait and Bulgaria.