The reports will be targeted at foreign collaborators, lenders and investors, he said. However, he said there will be a clear demarcation between the information and rating business and there will be parallel research for both the services.

The agency is also planning to expand the areas covered under industry specific reports. It will soon bring out industry reports on auto-ancilliary, oil and natural gas and fertilizer. Icra has already brought out industry reports on cement, steel and pharmaceuticals.

Chaudhary said 20 per cent of Icra's total business will be generated from the information services and balance from ratings. He said the business of the firm has grown rapidly since 1991at a CAGR in income of 37 per cent and net profit of 38 per cent.