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Mumbai, July 8 ICRA Management Consulting Services Ltd (IMaCS), the wholly-owned subsidiary of ICRA Ltd, on Wednesday signed a memorandum of understanding with Saudi Arabia-based Exsab Investment to set up a joint venture company to offer advisory/consulting services in West Asia and North Africa .

While IMaCS and Exsab will hold one-third stake each in the proposed company, which will be headquartered in Riyadh, the rest will be held by a few Saudi investors. Financial details of the venture are yet to be worked out.

“We will be the technical partner in the joint venture. The venture will offer advisory/consulting services in areas such as infrastructure, energy, banking and financial services, corporates, government and multilateral agencies,” Mr R. Raghuttama Rao, Managing Director, IMaCS.

The venture will roll out its operations in Saudi Arabia first and gradually into 20 other countries.

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