CARE Ratings signs MoU to establish Credit Rating Agency in Nepal

CARE Ratings has signed a MoU with Vishal Group and Emerging Nepal to start a credit rating agency in Nepal to be called CARE Ratings (Nepal) Limited. As per the terms of the MoU, CARE Ratings will hold 51 percent of the equity of Rs 20 million while Vishal group will own 19 percent and Emerging Nepal 10 percent. The balance 20 percent would be held by banks, insurance companies, FIs and corporate bodies in Nepal subject to a maximum of 9 percent per legal entity. "This is another small step in our global forays plans and we do see a lot of opportunity in not just growing the market but also developing different avenues for rating, grading, training, research and information services. With two of the best companies as our partners with varying expertise, I am confident that this venture will set new benchmarks to be emulated in Nepal,"said Rajesh Mokashi, MD and CEO. Ashok Kumar Agrawal, CMD of Vishal Group said that this was a historic occasion for the tie-up of Vishal Group with CARE India. CARE comes with an impeccable track record and demonstrated leadership in the credit rating space.