Mumbai, March 25: Crisil Ltd today acquired a 9 per cent stake in Caribbean Information and Rating Agency Limited for Rs 1.35 crore ($3,00,000). It is the rating agency’s third major investment this year.

Under the deal, Crisil would provide technical assistance to establish and stabilise the operations of the new rating outfit.

R. Ravimohan, managing director of Crisil, would join the board of Caribbean Information and Rating Agency, which is the world’s first regional credit agency, Crisil said today. “This marks an important landmark in Crisil’s international initiatives in the ratings business,” said Ravimohan.

The Caribbean rating agency’s services span over 19 countries, including Bahamas, Barbados, Belize, Costa Rica, Dominican Republic, Guyana, Haiti, Jamaica, the OECS, Panama, Surinam, Trinidad and Tobago.

The Caribbean initiative offers Crisil an opportunity to take its business outside the Indian shores, he added.