Calcutta, April 25: ICICI Bank is keen to participate in the securitisation deal by the West Bengal Industrial Development Corporation, despite credit rating agency CARE’s unwillingness to grant an AA+ rating to the corporation’s receivables.

The corporation had appointed CARE to carry out a rating of its assets. The agency has given an A+ rating to the assets of the state-owned agency, sources said.

WBIDC is unhappy with the rating.

“A+ is not a very high safety rating. This must have irked the corporation,” industry analysts said. WBIDC wants to securitise assets worth Rs 20 crore.

ICICI Bank has already visited the corporation’s office for an internal rating of the assets, sources said.

WBIDC executive director Talleen Kumar said, “It is true that ICICI Bank is keen to participate in the securitisation deal. The entire exercise will take four to six weeks to take a final shape. I cannot comment further.”

WBIDC wants to initially securitise Rs 20 crore of its receivables. However, the amount will be raised based on fund requirements.

The move by WBIDC will reduce the corporation’s dependence on the government’s financial assistance, which has gone down drastically in the last few years. The exercise will also keep a check on the equity of the corporation.

“If the government gives us money it gets added to the current equity. We do not want to have a bloated equity,” said a senior official of WBIDC.

At present, WBIDC has an equity of Rs 224 crore. The money will be used to fund units in the iron and steel, plastic, information technology, food and agro-processing industries.

There are many projects in the pipeline and the corporation wants to invest in these projects to support entrepreneurs who want to invest in the state. WBIDC has decided to invest in the coke oven plant that is being set up by Tata Steel at Haldia.

The corporation is also planning to invest in Calypso — a Bangalore-based company that wants to set up a food-processing unit in the state.