Page 221 - Index

Mission-Critical Decisions, Made with Confidence.
45. Business Combinations
Business combinations are accounted for using the acquisition accounting method as at the date of the acquisition,
which is the date at which control is transferred to the Group. The consideration transferred in the acquisition and the
identifiable assets acquired and liabilities assumed are recognised at fair values on their acquisition date. Goodwill is
initially measured at cost, being the excess of the aggregate of the consideration transferred over the net identifiable
assets acquired and liabilities assumed.
45.1 Acquisition of Bridge to India Energy Private Limited
The Company has completed the acquisition of 100% stake in ‘Bridge To India Energy Private Limited’ (Bridge to India)
on September 30, 2023. Bridge To India is a renewable energy (RE) consulting & knowledge services provider to financial
and corporate clients in India. The acquisition will augment Crisil’s existing offerings and bolster our market positioning
in the renewable energy space. The transaction is at a total consideration of C 721 lakh. Accordingly, Bridge To India
became a wholly owned subsidiary of the Company with effect from the said date.
Assets acquired, and liabilities assumed is as under:
Particulars J lakh
Financial Statements
Total identifiable assets (A) 550
Total identifiable liabilities (B) 293
Goodwill (C) 464
Total net assets (A-B+C) 721
Merger of Bridge To India Energy Private Limited with Crisil Limited
The Board of Directors of the Company at their meeting held on October 16, 2024, has approved the Scheme of
Amalgamation (‘Scheme’) for merger of its whollyowned subsidiary, Bridge To India Energy Private Limited with the
Company, pursuant to Sections 230-232 of the Companies Act, 2013. The Scheme is subject to the approval of National
Company Law Tribunal and other requisite statutory approvals.
45.2 Incorporation of Crisil ESG Ratings and Analytics Limited
Pursuant to SEBI notification dated July 3, 2023 under the SEBI (Credit Rating Agencies) (Amendment) Regulations,
2023, Crisil’s Board of Directors approved the transfer of its ESG rating business to step down subsidiary of Crisil,
incorporated on September 26, 2023. On April 25, 2024, Crisil ESG Ratings and Analytics Limited (Crisil ESG Ratings)
has received the license from SEBI to commence the business of ESG Rating Providers.
On receipt of license, the whole of assets and liabilties of the transferred business became the assets and liabilties
of the resulting company and were transferred at the book value, as appearing in the books of the Company as of
May 3, 2024.
45.3 Merger of Crisil Irevna US LLC and Greenwich Associates LLC
The Board of Directors of Crisil Irevna US LLC and Greenwich Associates LLC vide board resolution dated October
21, 2022 had approved a scheme of amalgamation. The scheme has received approval of the competent authorities
and accordingly Greenwich Associates LLC has been merged with Crisil Irevna US LLC with effect from April 1, 2023.
The merger has no impact on the consolidated financial results of the Group. In accordance with Appendix C to
Ind AS 103 ‘Business Combination’, the financial information of Crisil Irevna US LLC in the consolidated financial
statements in respect of prior period have been restated as if business combination had occurred from the beginning
of the preceding period.
45.4 Acquisition of Peter Lee Associates Pty. Limited
On March 17, 2023, Crisil Irevna Australia Pty Ltd (the Company), completed the acquisition of 100% of the equity share
capital of Peter Lee Associates Pty Limited (PLA) through a Business Purchase Agreement (BPA), and consequently, PLA
become a wholly owned subsidiary of the Company. Further on October 17, 2024, the Board of Directors of Company
approved purchase of business of PLA. This transaction was closed on December 2 2024.
Annual Report 2024
219