CORRECTED - CORRECTED-OFFICIAL-Morningstar hires Moody's exec to head India

(Company corrects designation of Aditya Agarwal in second paragraph to "managing director and head of Indian markets" from "general manager")

MUMBAI, July 8 (Reuters) - U.S. research firm Morningstar Inc (MORN.O: Quote, Profile, Research) has hired a top official at Moody's fund tracking associate in Mumbai to head its Indian operations, a senior executive said on Tuesday.

Aditya Agarwal, joint managing director at fund tracker ICRA Online Ltd, will join as managing director and head of Indian markets on Aug. 1, Jaideep Vivekanand, director of business development for India at Morningstar Asia Ltd, said in an e-mail.

Agarwal had co-founded fund tracker Mutual Funds India in 1999, which was taken over by credit rating agency ICRA Ltd (ICRA.BO: Quote, Profile, Research), an associate of Moody's Investors Service (MCO.N: Quote, Profile, Research), in 2005.

Morningstar, which has made a name for itself by rating mutual funds, hedge funds and stocks, has procured Indian funds data from ICRA Online and is looking to expand its investment research coverage to Indian funds by early next year.

The firm, founded by its Chairman and Chief Executive Joe Mansueto in his Chicago apartment in 1984, hopes to hire 10-20 staff in India by March as it expands operations.

For an interview on Morningstar's India plan see: [ID:nBOM309583]. (Reporting by Nishant Kumar; Editing by Ranjit Gangadharan)