Credit Analysis and Research Ltd (CARE Ratings) today said it has signed agreements with two companies to set up a credit rating agency in Nepal.
“CARE Ratings today singed a Memorandum of Understanding, subject to regulatory approvals in India and Nepal, with Vishal Group Ltd and Emerging Nepal Ltd to start a credit rating agency in Nepal to be called CARE Ratings (Nepal) Ltd,” the company said in a regulatory filing.
As per the MoU, CARE Ratings will hold 51 per cent equity worth Rs 2 crore while Vishal Group will own 19 per cent and Emerging Nepal 10 per cent.
The balance 20 per cent would be held by banks, insurance companies, FIs and corporate bodies in Nepal subject to a maximum of 9 per cent legal entity, it added.
Vishal Group is a public limited company in financial services. Emerging Nepal is a company engaged in venture capital activities.
The rating agency has started CARE Ratings Africa in 2015, and it also partnered with ARC Ratings as part of its global ambition.
“This is another small step in our global foray plans and we do see a lot of opportunity in not just growing the market but also developing different avenues for rating, grading, training, research and information services,” said Rajesh Mokashi, Managing Director and CEO, CARE Ratings.
CARE Ratings stock closed 1.97 per cent higher at Rs 1,247.65 on BSE.