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MUMBAI: ICRA on Monday announced BSE that it has signed a memorandum of understanding with Himalayan Infrastructure Fund Ltd of Nepal at Kathmandu to set up a joint venture for replicating some of its rating businesses there.

According to the company, majority stake will be held by it in the proposed joint venture.

The credit rating agency is also setting up a representative office in Kathmandu and has appointed Mr Deepak Kafle as resident director to oversee its overseas operations there.

Mr P.K. Choudhury, Vice-Chairman and Group CEO of ICRA, and signatory to the MoU, said: “The view that a credit rating agency must be integral to the reforms process has gained foothold in Nepal. We see our joint venture as both promoting the idea and be nefiting from it.’’ — Our Bureau

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