Tata Capital, Equifax Inc. and CRISIL have reached a preliminary understanding to develop plans to create a credit information company in India. To this effect, Equifax has submitted an application to the Reserve Bank of India (RBI) for operating a credit information company in response to the RBI’s request for applications in 2007. The establishment and associated timing of the credit information company are contingent on regulatory approval from the RBI and other regulatory authorities in India.

Tata Capital Limited is a wholly-owned subsidiary of Tata Sons Limited, the apex holding company of the Tata Group. The company is registered with the RBI as a Non Banking Financial Company undertaking fund and fee based activities in the financial sector. The Tata Group is one of India’s largest and most respected business conglomerates with revenue in 2006-07 of over US$ 29 billion, the equivalent of about 3.2% of the country’s GDP. The Group’s combined revenue, including the Corus acquisition, stands at US$ 49 billion.

Headquartered in Atlanta (USA), Equifax Inc., with 2007 revenue of US$ 1.84 billion, is a leader in global information solutions leveraging one of the largest sources of consumer and commercial data, analytics and technology in 14 countries around the world. With this strategic move, Tata Capital is confident to leverage Equifax’s global expertise in technology, data assets and analytics and offer a comprehensive credit and information management operations in India.

CRISIL is India’s leading ratings, research, risk and policy advisory company, with revenues of US$ 62.9 million (2006).

Commenting on the association, Mr. Praveen P Kadle, Managing Director, Tata Capital Ltd. Said, “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. A large population, strong banking system and growing consumerism are factors triggering the growth of credit information system in India. The relevant know-how of Tata Capital and CRISIL put together with Equifax’s international experience makes this a winning combination for the Indian market.”

Mr. Richard F Smith, Equifax Chairman and CEO said, “Developing a world-class credit information system is timely as India is experiencing a credit boom. As a leading global provider of data, analytics and enabling technologies, Equifax will look forward to working with Tata Capital and CRISIL to expand its comprehensive credit and information management operations into India.”

“CRISIL has a 20-year tradition of helping India’s credit markets function better. Our entry into the credit information business will expand our footprint into the retail credit segment,” said Roopa Kudva, CRISIL’s Managing Director and Chief Executive Officer. “With our capable and respected partners, Equifax and Tata Capital, we look forward to providing the Indian market with cutting-edge credit information services and analytics.”

The Indian credit information market has the potential to grow at 22 to 28 percent per year. The compounding of growth in both the Indian economy and consumer credit creates a highly favorable environment for the evolution of a credit information industry in India.

Sourced From: Vaishnavi Corporate Communications Pvt Ltd

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