ICRA to sell subsidiary to Nihilent Technologies

Credit rating agency ICRA on Friday said it will sell its wholly-owned subsidiary ICRA Techno Analytics Ltd (ICTEAS) to Nihilent Technologies for an undisclosed amount.

Nihilient Technologies is a consulting and solutions integration firm, while Kolkata-based ICTEAS provides information technology and business analytics services to a global client base.

The sale is contingent on approval from ICRA shareholders and certain other conditions and is expected to be finalised in the next 2-3 months. Edelweiss was the transaction adviser to ICRA, the agency said in a statement.

"The sale of ICTEAS contributes to ICRA's continued focus on our core credit ratings and research business. And, I believe the sale is beneficial to stakeholders and employees of both companies, as it will help each business achieve its full potential," managing director and group chief executive officer of ICRA Naresh Takkar said.