Irish-registered financial information firm Experian has formed a joint venture with four Indian financial institutions to launch a credit information bureau.

The new company is awaiting approval from India's central bank, the Reserve Bank of India (RBI), and hopes to start trading early next year. RBI approval is expected in the next three to four months, Experian's managing director for strategic markets, Richard Fiddis, told reporters in India yesterday.

The new business will provide information on consumers' credit history to banks and other financial institutions. An Experian spokesman said the firm would initially focus on providing credit checking to retail banks for motor finance.

It was likely it would offer its services to telecommunications providers once the firm has been established.

Experian's retail research business, Footfall, is already operating in India, providing information to retail clients, while its Catalyst subsidiary, which advises petrol stations, is also active in the market.

Experian opened an office in Mumbai in March and last month appointed the former head of GE Commercial Finance to head up its Indian operations.

Experian demerged last year from GUS, a retail and business services conglomerate in the UK.