Mumbai: Credit rating agency ICRA Ltd on Monday signed an agreement with Nepalese private equity firm Himalayan Infrastructure Fund Ltd to float a joint venture (JV) to cater to that market.

The company in a statement to the Bombay Stock Exchange said it will hold the majority stake in the proposed JV. The entry in Nepal once again highlights ICRA’s ability to think beyond borders. It also reaffirms our onfidence in the future growth of the company of Nepal, ICRA vice chairman and group chief executive officer P K Choudhury said. The company also announced setting up of a representative office in the capital city of Kathmandu and appointed Deepak Kafle resident director.

The proposed JV is an important initiative for growth and professionalising of the financial system in Nepal, HIFL chairman Prithvi Pande said. HIFL has a fund size of Rs500 crore. On Monday, Icra shares on the Bombay Stock Exchange closed at Rs780.65, up 0.91%. The benchmark Sensex closed 1.09% up at 17,032.51