Experian forms JV with 7 firms

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Mumbai: Experian, the global information services company, on Monday announced the creation of Experian Credit Information Company of India Pvt Ltd by forming a joint venture with seven public and private sector banks and non-banking financial institutions, namely Axis Bank, Federal Bank, Indian Bank, Magma Fincorp, Punjab National Bank, Sundaram Finance and Union Bank of India.

Experian will own 49% of the joint venture, while seven financial institutions will jointly hold 51%. Axis Bank will hold 10%, Union Bank of India 10%, PNB 7%, Indian Bank and Federal Bank 5% each while Sundaram Finance and Magma Fincorp will hold 7% each.

TS Narayanasami, a veteran of Indian banking, has been appointed as the chairman of the Experian Credit Information Company. He was the chairman of the Indian Bank's Association, Bank of India, Indian Overseas Bank and Andhra Bank.

The Reserve Bank of India (RBI) in April 2009 granted Experian a provisional licence to create a credit information company in India. The company has secured approval from the Foreign Investment Promotion Board to invest 49% in the Experian Credit Information Company, with its Indian joint venture partners holding the remaining equity. The company will now apply to the RBI to secure the final licence.

"Our Indian credit bureau will provide the platform to launch a range of new value added capabilities for the Indian market, helping to accelerate the financial services sector's development and to protect consumers," said Richard Fiddis, managing director of strategic markets at Experian.