Mumbai, Feb. 5: Tata Capital is planning to set up a credit information company in partnership with Equifax of the US and credit rating agency Crisil.
The trio have reached a preliminary understanding on creating a credit information firm in India, Tata Capital said in a statement.
Equifax has already submitted an application to the Reserve Bank of India (RBI) to operate a credit information company in response to the apex banks request for applications in 2007.
The setting up of the credit information company is subject to approval from the RBI and other regulatory authorities in India.
We are extremely positive about this partnership with Equifax and Crisil and see significant synergies in offering India a truly world-class credit information system, Tata Capital managing director Praveen P. Kadle said.
The relevant know-how of Tata Capital and Crisil put together with Equifaxs international experience make this a winning combination for the Indian market, he added.
Tata Capital is a wholly owned subsidiary of Tata Sons. The company is registered with the RBI as a non-banking financial company undertaking fund and fee-based activities.
Equifax earned a revenue of $1.84 billion in 2007.