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CARE eyes outsourcing business from US
BS Banking Bureau in Mumbai | April 13, 2004 12:27 IST
Credit rating agency CARE is eyeing business process outsourcing business from the United States.
The agency, among others, is seeking to offer its services in areas like balance sheet analysis for mutual funds/brokerage firms, help citizens file income tax returns and also fill in insurance claims forms.
"We have the requisite skills to take up the outsourcing business. Once the heat generated by the anti-outsourcing lobby in the US dies down, we will actively pitch for business there," ES Jayaraman, managing director, CARE, said.
In the domestic market, even as credit rating continues to be its primary focus, CARE wants to increase its thrust on value-added services like project advisory services, financial restructuring, valuation, credit appraisal systems, sectoral studies, etc.
Jayaraman pointed out that the Divestment Commission has reposed its faith in CARE for assisting it in equity valuation of a number of state-owned companies and for suggesting divestment strategies for these companies.
The agency has drawn up an elaborate incentive structure for state electricity boards as part of the Central Government's accelerated power development and reform programme.
The incentives to the electricity boards are directly linked to the extent of success they manage to achieve in bringing down transmission and distribution losses.
According to Rajesh Mokashi, executive director, Care, special cells have been set up within the rating agency to look after the value added services business, which accounts for around 20 per cent of the total business. In addition to the advisory services division, the agency has cells for structured finance and corporate governance.