CARE Ratings Limited has received approval from its Strategy and Investment Committee for the incorporation of a joint venture company named 'Operus Limited' with Vestian Global Work Place Services Private Limited, as announced in a regulatory filing on March 17, 2026.

Joint Venture Structure and Investment

The Strategy and Investment Committee, duly authorized by the Board, approved the formation of this 50:50 joint venture during its meeting held on March 17, 2026. The partnership details are structured as follows:

Business Focus and Operations

Operus Limited will operate in the Global Capability Centre (GCC) enablement services industry. The proposed company will enable global enterprises to design, establish, and operate Global Capability Centres in India, delivering comprehensive solutions across multiple domains.

The joint venture will provide end-to-end services including strategy development, operating model design, talent acquisition, workspace setup, and regulatory compliance. Through managed services and relevant business models, Operus will deliver enterprise-grade, scalable GCCs aligned with clients' long-term global objectives while maintaining governance excellence.

Regulatory Requirements and Timeline

The incorporation requires a No-Objection Certificate (NOC) from the Securities and Exchange Board of India (SEBI). CARE Ratings has indicated that the incorporation process is expected to be completed tentatively by June 30, 2026.

Strategic Significance

This joint venture represents CARE Ratings' strategic expansion beyond its traditional credit rating services into the growing GCC enablement sector. The partnership with Vestian Global Work Place Services combines expertise from both organizations to capitalize on the increasing demand for Global Capability Centre services in India.

The committee meeting commenced at 1:00 p.m. and concluded at 3:40 p.m., with the announcement made in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Care Ratings has achieved a significant regulatory milestone as its wholly-owned subsidiary CareEdge Global IFSC Limited received the ESG Rating and Data Product Provider license from the International Financial Services Centers Authority (IFSCA) on March 11, 2026.

License Details and Regulatory Framework

The license enables CareEdge Global IFSC Limited to function as an ESG Rating and Data Product Provider within the International Financial Services Centre framework. This regulatory approval was formally communicated to stock exchanges through a filing under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Strategic Business Expansion

This IFSCA license positions CareEdge Global IFSC to capitalize on the growing demand for environmental, social, and governance assessments in the financial services sector. The approval allows the subsidiary to provide comprehensive ESG rating and data services, particularly within the IFSC ecosystem where sustainable finance initiatives are gaining prominence.

The regulatory permission enhances Care Ratings' ability to serve clients seeking specialized ESG analysis and ratings. This development aligns with the increasing emphasis on sustainable finance and responsible investment practices in the Indian financial market.

Service Capabilities and Market Impact

With the ESG Rating and Data Product Provider license, CareEdge Global IFSC can now offer:

• Comprehensive ESG rating services for financial instruments
• Sustainability data analysis and reporting
• Environmental, social, and governance assessment frameworks
• Specialized consulting for sustainable finance initiatives

The license strengthens Care Ratings' position in the evolving financial services landscape, where ESG considerations are becoming increasingly critical for investment decisions and regulatory compliance. This expansion into ESG services represents a strategic move to diversify the company's revenue streams and capture opportunities in the sustainable finance sector.