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Credit ratings agency <a style="color: #000080;" href="http://dealstreetasia.com/tag/icra">ICRA Ltd</a>  has agreed to sell its wholly owned technology subsidiary <a style="color: #000080;" href="http://www.icteas.com/">ICRA Techno Analytics Limited (ICTEAS)</a> to <a style="color: #000080;" href="http://www.nihilent.com/">Nihilent Technologies Ltd</a>, for Rs 68.75 crore ($10.3 million)</article>

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Credit ratings agency <a style="color: #000080;" href="http://dealstreetasia.com/tag/icra">ICRA Ltd</a>  has agreed to sell its wholly owned technology subsidiary <a style="color: #000080;" href="http://www.icteas.com/">ICRA Techno Analytics Limited (ICTEAS)</a> to <a style="color: #000080;" href="http://www.nihilent.com/">Nihilent Technologies Ltd</a>, for Rs 68.75 crore ($10.3 million)
Kolkata-based ICTEAS is engaged in the business of software development, its implementation and post implementation support services in the areas of business intelligence, business analytics, enterprise, web content management including enterprise resource planning implementation.
The sale is contingent upon approval from ICRA’s shareholders and certain other conditions and expected date of completion of this transaction is September 30, 2016.
<a style="color: #000080;" href="http://dealstreetasia.com/tag/edelweiss">Edelweiss</a> was the transaction adviser to ICRA.
“The sale of ICTEAS contributes to ICRA’s continued focus on our core credit ratings and research business. And, I believe the sale is beneficial to stakeholders and employees of both companies, as it will help each business achieve its full potential,” said Naresh Takkar, Managing Director &amp; Group CEO of ICRA.
Under the terms of the agreement, Pune-based Nihilent, will pay Rs 32 crore ($4.8 million) in cash and subscribe to 10 per cent interest-bearing unlisted non-convertible debentures to be redeemed one year and 15 days after the issuance.
Nihilent offers enterprise transformation and change management, digital transformation services, and enterprise IT services. Its operations span across North America, UK &amp; Ireland, South Africa. West and East Africa, Australia and Asia.
Last year, the company had acquired majority stake of 51 per cent in Mumbai-based SAP consulting and services company Intellect Bizware for an undisclosed amount. The acquisition was to Nihilent to consolidate its capabilities in ERP consulting and implementation, business process optimisation and software product development.
Prior to that it had acquired GNet Group LLC, a US-based services and solutions company in 2014.
In February, Nihilent Technologies has received approval of the Securities and Exchange Board of India to raise an estimated Rs 350 crore ($52 million) through an initial public offering.
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Credit ratings agency ICRA Ltd is set to sell its  subsidiary ICRA Techno Analytics Limited (ICTEAS) to Nihilent Technologies Ltd, for $10.3 million

India: ICRA sells tech arm to Nihilent Technologies for $10m

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India: ICRA sells tech arm to Nihilent Technologies for $10m

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