Magma Fincorp Ltd. (524000.BY) said Monday it will hold a 7% stake in Experian Credit Information Company of India Pvt. Ltd., formed to provide customer credit behavior data to financial institutions.

The credit information company is a joint venture between Ireland-based information services group Experian PLC (EXPN.LN), which will hold a 49% stake, and seven Indian financial services firms, Magma Fincorp said in a statement.

Among the Indian stakeholders, Axis Bank Ltd. (532215.BY) and Union Bank of India (532477.BY) will hold 10% each, while Punjab National Bank (532461.BY) and Sundaram Finance Ltd. (590071.BY) will each own 7%, the statement said. The remaining 10% will be split equally between Indian Bank Ltd. (532814.BY) and Federal Bank Ltd. (500469.BY).

The Reserve Bank of India had in April granted Experian a provisional license to set up a credit information provider in India. The company has recently applied to the central bank to secure the final license.

Magma Fincorp is an asset finance company providing vehicle and construction equipment loans.

-By Nupur Acharya; Dow Jones Newswires; +91-22-61456117; nupur.acharya@dowjones.com
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