Crisil has pared its board composition from 12 members to eight following a majority stake acquisition by Standard & Poor's (S&P). S&P recently acquired 58 per cent stake in Crisil. | |
| Three additional S&P representatives will be inducted on the board, in addition to an existing S&P representative. The three new S&P members will replace existing independent directors on the board. |
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| The domestic rating agency will be split into two units in terms of existing businesses and international operations. |
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| "There is no change in the management team. The board of Crisil will be reconstituted on July 21," said R Ravimohan, managing director & CEO, Crisil. He was speaking on the sidelines of a lecture on wealth management at the Indian Merchants' Chamber here today. The board will be headed by Ravimohan. |
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| S&P will use Crisil as a backoffice for its international operations. "S&P's primary reason for acquiring majority stake in Crisil was to use our pool of about 1,000 people. This will be for analytical support, market coverage and product coverage," elaborated Ravimohan. |
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| Currently about 100 of Crisil's employees are engaged in projects for S&P. |
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| "Following the acquisition, S&P may be able to give us more projects, which have client confidentiality agreements assigned. Earlier such sensitive projects were not given to us since S& P held a much lower take of 9 per cent in Crisil," said Ravimohan. Crisil may consider hiring more people in case a need arises. |
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| Crisil is internally working on strategies to leverage S&P's brand name in the domestic and international markets. |
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| "With so many international names in the market today our creative team is working on how best we can leverage S&P's brand. Branding is about creating more comfort with our customers," added Ravimohan. |
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