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“ICRA is going through a transition, and we are actively looking for acquisitions for our non-rating business. For rating business, we are planning to expand operations outside India, in Asia. However, that will be largely organic growth,” said Pranab Kumar Choudhury, chairman, ICRA Limited.
In 2012, ICRA Techno Analytics (ICTEAS), a Kolkata-headquartered software solutions company promoted by ICRA Limited, picked up a majority stake in BPA Technologies, Inc., a California-based global business consulting and software technology services firm.
In 2009, ICRA Techno Analytics, New Jersey, USA, a wholly-owned subsidiary of ICRA Techno Analytics Limited (ICTEAS) operating from Kolkata, has acquired 100% stake in Sapphire International, a US-based company.
In the rating side, recently, ICRA had obtained licence for starting credit first rating agency in Nepal, with about 51% stake. ICRA Nepal, is expected to rate firms issuing shares and bonds in the initial phase, apart from mutual funds and other investment instruments in the future. This apart, ICRA is already present in two other Asian countries, namely, Sri Lanka and Indonesia. It is also working on a collaborative project with Bangladesh.
“At present, revenue from our foreign operations is very small. However, we expect the companies to breakeven in the next two to three years,” said Choudhury.
The operations of ICRA Group is spread primarily over rating, consulting, IT solutions (along with IT analytics/ engineering) and financial information and product services, including KPO services.
With the operations of ICRA dispersed in around eight to nine subsidiaries, the company might also go for consolidation at a later stage, according to sources.
ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited) was set up in 1991 by leading financial and investment institutions, commercial banks and financial services companies as an independent and professionals, among other. ICRA and its subsidiaries together form the ICRA Group of Companies, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange.
