Leading Indian and foreign banks, including Citigroup, Deutsche Bank, Syndicate Bank, ICICI Bank, and State Bank of India, have evinced interest in participating in the securitisation deal by the West Bengal Industrial Development Corporation (WBIDC). Banks and financial institutions will give loans against these assets.
This is the first time that a state government department in West Bengal has taken an initiative to securitise its asset portfolio.
The funds to be made available from the exercise will be used for funding units in the iron and steel, plastic, information technology, food and agro-processing industries.
WBIDC sources said they have appointed the international relief and development organisation, CARE, to carry out a rating of the receivables of the corporation.
