S&P gets nod for Indian subsidiary

Standard & Poor's has got an approval from Foreign Investment Promotion Board (FIPB) to set up a wholly owned subsidiary in India to carry out S&P's business in South Asia. S&P South Asia will provide cross-border credit ratings, index services, investment research services and S&P's global data and information products to markets in South Asia.

"We are delighted to open our office in Mumbai to be closer to our customers in India, Pakistan, Sri Lanka, Bangladesh, Maldives, Mauritius and Seychelles as they grow and their linkages to the international markets strengthen. We look forward to providing our global services and expertise to benefit the ongoing development of this exciting region," said Tom Schiller, executive managing director, S&P Asia Pacific.

"South Asian markets are growing across the entire spectrum of economic activity and are also becoming increasingly globally linked," said R Ravimohan, managing director and Region Head, S&P South Asia.

"While S&P's subsidiary Crisil continues to serve the ever growing demands of the domestic Indian markets, S&P South Asia will provide a wealth of data, contemporary global insights, knowledge and experience through an extensive suite of products offering the financial information and analysis that discerning investors in South Asia want. S&P South Asia will work closely with and leverage the resources of Crisil to deliver high value services to Indian and other South Asian financial market participants," added Ravimohan, who will lead this operation out of Mumbai.

S&P, a division of The McGraw-Hill Companies, is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. S&P has about 8,500 employees, including wholly owned affiliates, located in 21 countries.