“Credit rating firm ICRA Ltd said on Friday it has struck a deal to sell its software development arm, ICRA Techno Analytics Ltd, to IT firm Nihilent Technologies Ltd for Rs 68.75 crore ($10.3 million),” reported VCCircle.

Khaitan & Co advised Nihilent on the deal.

Desai & Diwanji Mumbai partners Apurva Diwanji and Natasha Treasurywala and Delhi partner Rachna Jain assisted by associates Nakul Batra and Archana Patkar acted as the legal counsel for Moody’s, which is the majority shareholder in ICRA.

J Sagar Associates (JSA) acted as the legal counsel for ICRA, which was the owner and seller of ICRA Techno Analytics.

Khaitan & Co deal team

Core Corporate team: associate partner Pooja Patel, senior associate Radhika Agarwal, senior associate Kinshuk Jhunjhunwala.

Securities Team: partner Abhimanyu Bhattacharya, associate partner Aditya Cheriyan, associate Navodita Gupta.

Assistance on Corporate aspects: associate Vinita Choudhury.

Dispute Resolution aspects: principal associate Vishal Shriyan.

According to the firm’s press release:

Nihilent is a global consulting and solutions integration company using a holistic and systems approach to problem solving. Headquartered in Pune, India, Nihilent has extensive experience in international consulting, IT outsourcing and IT services.

ICRA Techno Analytics Limited was a wholly owned subsidiary of ICRA Limited, a credit rating agency, shares of which are listed on the Indian stock exchange.