McGraw confirms bid for majority stake in Crisil

MUMBAI, MARCH 17. Harold "Terry" McGraw III, Chairman, President and Chief Executive Officer of McGraw-Hill Companies, confirmed today that Standard &Poor's, a McGraw-Hill company, was confident of a positive response to its open offer to acquire a majority stake in the Indian credit rating company, Crisil.

Speaking to a select group of journalists, Mr. McGraw said, "There is a wonderful fit for S & P and Crisil". He said that Crisil is "a very, very important component of one of the largest growth markets" and that he anticipated no problems. The formal open offer will be made on April 6 for a 51 per cent stake in Crisil. Currently, S & P has around 10 per cent share.Asked why he felt it important to have a majority stake in Crisil, Mr. McGraw said, "We will pour in a lot of resources. If we don't have control, we are not doing a good job representing McGraw Hill shareholders. Therefore the majority stake is important."

Mr. McGraw said his company would like to expand in all the three segments where it has a presence in India.

The company also has a bureau for its international business weekly, BusinessWeek in India.

Mr. McGraw said that ideally they would like to tie up with a local media house and print the magazine in India. However, for this to happen there needed to be a major policy change with regard to foreign investment in the print media.

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