Mumbai, May 9: Standard & Poor’s (S&P), which recently took control of Crisil, wants to tap talent at the Indian rating company by farming out key assignments to it.
'Crisil will become a part of S&P’s Asia-Pacific network,' said S&P president Kathleen Corbet told reporters as she announced plans for what is now its Indian subsidiary.
The world’s largest rating agency raised its holding in Crisil to 58.5 per cent from 9.48 per cent at a cost of $56 million in a deal that involved 3.12 million shares.
'We have achieved our stated goal of becoming the majority shareholder, allowing us to integrate Crisil’s operations with our own and fully leveraging opportunities in India and abroad. This will create more value for all our clients,' S&P president Kathleen A. Corbet said.
The shares had been snapped up from local investors at a price of Rs 775 apiece in an open offer that closed on April 25. Corbet said Crisil had been working on S&P assignments in the past ' much before the change of control.
'It will be a regional partner for Indian ratings, development of new products, and in some aspects, for global analytical outsourcing,' she added.
Crisil managing director R. Ravimohan said revenues have been growing at the rate of 25 per cent annually in the past five years. He expects the pace to continue.