Not for Anil Ambani this time, but another ?exceptional case? is required for the Institute of Chartered Financial Analysts of India (ICFAI) to set up a university campus in Bengal. Like Ambani, ICFAI also plans to invest Rs 100 crore.

In February, higher education minister Satyasadhan Chakraborty had termed the Left Front government?s green light to a private university ?an exceptional case?, and said: ?We have proposals from other parties for setting up universities here, but our government is yet to decide on them. We made an exception for Reliance, as it is planning a model university of international standards and being a high-profile company, it has the financial strength to back its proposals, which is important for us.?

In what could turn out to be a massive cash flow in the higher education sector in Bengal, ICFAI has committed to invest Rs 100 crore in the state, by setting up ICFAI University.

It aims to impart high-quality professional education in the fields of management studies, law, bio-technology, nanotechnology, information technology (IT), computer science, finance, law and education.

Asked about the ICFAI proposal, Chakraborty said on Friday: ?It is the chief minister?s call whether to allow any private university to set up operations in the state. He will take the final decision only after studying the proposal in detail.?

The lack of a private university Act in the state may prove to be another spanner in the works. In its last party congress in Delhi, the CPM had decided not to allow private varsities in the state.

ICFAI has written to the chief minister, declaring its intent, and in this context, a senior delegation, which is expected to include members of the ICFAI board, will be coming to Calcutta next week and meet the chief minister.

?We plan to set up a private university in every state, with UGC approval. Since our growth in Bengal has been exemplary, in terms of student intake, faculty recruitment and corporate placements, and given the reform-friendly attitude of the government, we have decided to focus on this state very strongly,? said Santanu Ray, director, ICFAI Business School, Calcutta.

Ray pointed out that the governments of Tripura, Sikkim, Meghalaya and Uttaranchal have already come up with specific legislation, the ICFAI Act. In Uttaranchal, the ICFAI University has been approved under clause 2 (f) of the UGC Act, 1956. ?We would like the Bengal government, too, to enact a private universities Act, like the other states,? said Ray.

If the Rs 100-crore investment does come through, it will be the largest investment outside Hyderabad by ICFAI. ?And we are reserving this for Bengal,? emphasised Ray.

ICFAI had submitted its proposal for setting up a private university in Bengal in 2004, but not much has been done since and it seems that the Rs 100-crore investment outlay would be contingent only on the state government enacting an appropriate legislation.

?We cannot wait forever. If it does not work out here, we may be forced to look elsewhere for our investment. But we are extremely hopeful as we have had a positive response from the state so far,? said Ray.