Us Parent Buys Out Fitch From Local Promoters

Fitch Ratings India Pvt Ltd has become a fully owned subsidiary of Fitch International. Fitch International, which earlier held 33 per cent stake in its local subsidiary, has acquired the rest 67 per cent stake of the Indian promoters.

Consequent upon the acquisition, Fitch India will be the first 100 per cent subsidiary of an international rating agency. Two other international rating agencies -- Standard & Poor's and Moody's -- also have stake in two Indian rating agencies -- Credit Rating and Information Services Ltd and Investment Credit Rating Agency, respectively.

N C Roy, president and managing director of the company, who was one of the Indian promoters, has resigned from the post. Amit Tandon, former head of corporate finance and senior vice-president, ICICI Securities and Finance, has joined as the new managing director and chief executive officer of Fitch Ratings India. Tandon had been with the ICICI group for more than 17 years.

Fitch International, headquartered in New York and London, have a branch network in 75 countries and has about 1,100 employees. Fitch rates 1,600 financial institutions and over 1,000 corporates and maintains surveillance on 3,300 structured financing. It also rates more than 700 insurance companies and 69 countries.

Fitch Ratings India has four offices, in four metropolitan cities. Its major clients include Kotak Mahindra Finance, Reliance Industries, Reliance Petroleum, Wipro, Mahindra and Mahindra, Britannia Industries, Ashok Leyland, among others. It also rates State Bank of India and two major financial institutions, Industrial Development Bank of India and IFCI.