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CARE ESG Ratings Limited (CareEdge-ESG), wholly owned subsidiary of CARE Ratings Limited, is India’s premier ESG Ratings and Research provider that imparts analytically driven high quality ESG Ratings & Research to companies. CareEdge-ESG is a SEBI registered ESG Rating Provider (ERP) company. CARE Ratings Limited, a parent company is the second largest credit rating agency of India having over 30 years of strong presence in Indian financial market and now having global footprints too, The global sustainability landscape is altering very rapidly over last decade. Regulators are now moving towards ensuring more ESG accountability via standardised disclosures, as the global as well as domestic regulations evolve for climate & social risk mitigation. But being just compliant may not necessarily translate into risk mitigation and profitability augmentation. Therefore, an unbiased, independent, comprehensive, country & sector specific ESG assessment and rating can help organizations in measuring their performance vis–a–vis their industry peers. The ESG rating can also be enabler all stakeholders to make critical business decisions and can lay a mechanism for investors rewarding better governed sustainable organizations. CareEdge-ESG is focused on delivering the most credible ESG ratings and research, thereby enabling organizations to understand, benchmark and manage ESG performance and assist stakeholders to make prudent investment decisions.
Fostering sustainability with ESG insights.
Our Vision
Be the catalyst of change for a sustainable future with the most credible ESG assessments.
Our Mission
To empower informed sustainability decisions through high quality ESG assessments, driving stakeholder trust and positive change.
Our Values
Integrity, pursuit of excellence, commitment and fairness.
Ms. Sonal Desai is a Non Executive Independent Director of our company. Currently she is working as Executive Director at Sushrut Hospital (a 100 bedded Charitable Trust Hospital). She is also an advisor to Prashanti Medical Trust (Sathya Sai Hospital). Prior to this she was working with Hindustan Petroleum Corporation Ltd (HPCL) as Executive Director-Refinery Finance with additional responsibility of Head-Corporate Social Responsibility (CSR).
Her vast experience of 33 years comprised of handling not only pure finance and accounting functions but also commercial and embedded functions, which resulted in rare blend of leadership experience and functional competency. Her assignments provided her unique experience and expertise in business areas such as Marketing, Operations, Projects and Refineries Management.
She has organized and also addressed several seminars and lectures. She has contributed a number of articles and papers on various issues which have been published in leading Business Magazines and News Papers. She also holds Directorships in many Companies.A Qualified Chartered Accountant with an Executive Diploma in Hospital Administration from TISS, Ms. Desai is an international conference speaker and has addressed gatherings of various CxOs in UK, India and Europe.
Ms. Madhu Dubhashi is a graduate in Economics (Honours) from Miranda House, Delhi University and a post graduate in Business Management from the Indian Institute of Management, Ahmedabad. She has experience of more than four decades in the capital market and financial service sectors, which includes Project Appraisal, Financial Structuring, Financial Syndication, Share Valuation, Corporate Restructuring, Merchant Banking and Merger & Acquisition. She has worked for various organisations including ICICI Limited, Standard Chartered Bank, J M Financial and Investment Consultancy Services Limited, INNOVEN Business Consultancy and Global Data Services of India Limited (a wholly-owned subsidiary of CRISIL, now merged with CRISIL).
She has organized and also addressed several seminars and lectures. She has contributed a number of articles and papers on various issues which have been published in leading Business Magazines and News Papers. She also holds Directorships in many Companies.
Associated with CareEdge Ratings since 2000, Mehul Pandya is the Managing Director & Group CEO of CareEdge.Over the years, Mr Pandya has successfully incubated and nurtured the company’s business in India and abroad. He is a member of the Board of Directors for all subsidiaries of CareEdge Ratings while also being the Vice Chairman of the Association of Credit Rating Agencies in Asia (ACRAA). He also serves on the Board of Association of Indian Rating Agencies (AIRA) and contributes towards US India Trade promotion by virtue of his position on the Board of USIIC.
A technocrat with a management background, Mr Pandya is also a CFA charter holder from CFA Institute, USA. Over the years, he has attended various leadership programmes at IIMA and the High Potentials Leadership Programme at Harvard Business School as well. Prior to joining CareEdge Ratings, he worked with a state-level financial institution in Gujarat for about four years and was instrumental in setting up an in-house credit rating cell for the screening of lending proposals. He has worked as a Consultant for the Asian Development Bank and conducted various training programmes on credit risk analysis in India and abroad.
Nikunj has an overall experience of 14 years spanning across credit rating, securitization, risk consulting, debt syndication, social impact assessments, capacity building & policy impact surveys, ESG ratings, ESG consulting assignments, ESG model developments for MSMEs. He has assisted social impact funds by assessment of Micro Finance Institutions (MFIs) by undertaking Social Performance Measurement (SPM) assignments. He has also executed credit ratings for more than 500 corporates
Nikunj completed with his exec-MBA from IIM Ahmedabad. He is currently enrolled in a PGP course on Technology Management by KMPG with subjects comprising data science, AI, ML, R, Python and generative AIs.
Mr. Saikat Roy brings with him over 24 years of distinguished management experience across diverse geographies, with a strong record of strategic leadership, business development, and client relationship management in the financial services sector. A Fellow Member of the Institute of Cost Accountants of India, Mr. Roy possesses a solid foundation in financial analysis and cost management, which complements his deep understanding of corporate and infrastructure finance. He is currently serving as Senior Director and Business Head – Corporate & Infrastructure at CARE Ratings Ltd., where he leads the relationship management teams catering to large corporates and infrastructure clients across India. In this role, he is responsible not only for driving business growth through strategic client engagement but also for overseeing the sales and marketing of a diverse range of products tailored to meet the needs of corporates and financial institutions. His leadership has been instrumental in enhancing the market presence and credibility of CARE Ratings within key sectors. Prior to his tenure at CARE Ratings, Mr. Roy held senior leadership positions at Barclays Bank, Standard Chartered Bank, and IndusInd Bank Ltd., where he played pivotal roles in expanding corporate banking operations, developing client portfolios, and spearheading innovative financial solutions. With his comprehensive industry knowledge, strategic foresight, and proven leadership skills, Mr. Saikat Roy is exceptionally well-positioned to contribute meaningfully to CARE ESG Ratings Limited growth and vision. His appointment is expected to bring immense value, particularly in strengthening business relationships and driving sustainable revenue growth.
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