Experian Forms JV With 7 Indian Financial Services Institutions

Experian PLC (EXPN.LN), an information services company, said Monday that it has created a joint venture with seven of India's financial services institutions: Axis Bank Ltd.(AXBKY), Federal Bank Ltd. (500469.BY), Indian Bank Ltd.(532814.BY), Magma Fincorp Ltd.(524000.BY), Punjab National Bank Ltd.(532461.BY), Sundaram Finance and Union Bank of India Ltd.(532477.BY).

MAIN FACTS:

-Experian will own 49% of the joint venture.

-This follows the decision by the Reserve Bank of India (RBI) on April 17 to grant Experian a provisional licence to operate a Credit Information Company in India.

-The joint venture company will now apply to the RBI to secure a final license.

-Experian is one of only a select few companies to be granted a provisional license to operate a credit bureau in India.

-The credit bureau will provide the platform to launch new data and analytics products in the Indian market, further extending Experian's reach into emerging credit economies.

-As of Nov., the joint venture company, Experian Credit Information Company of India Private Limited, has gross assets of $15 million.

-By London Bureau, Dow Jones Newswires; Contact Ian Walker; [phone]; [e-mail]