Industrial Investment Bank of India Ltd.
The Industrial Investment Bank of India is one of oldest banks in India. The Industrial Reconstruction Corporation of India Ltd., set up in 1971 for rehabilitation of sick industrial companies, was reconstituted as Industrial Reconstruction Bank of India in 1985 under the IRBI Act, 1984. With a view to converting the institution into a full-fledged development financial institution, IRBI was incorporated under the Companies Act, 1956, as Industrial Investment Bank of India Ltd. (IIBI) in March 1997. IIBI offers a wide range of products and services, including term loan assistance for project finance, short duration non-project asset-backed financing, working capital/ other short-term loans to companies, equity subscription, asset credit, equipment finance as also investments in capital market and money market instruments.
In view of certain structural and financial problems adversely impacting its long-term viability, IIBI submitted a financial restructuring proposal to the Government of India on 25 July 2003. IIBI has since received certain directives from the Government of India, which, inter alias, include restricting fresh lending to existing clients approved cases rated corporates, restrictions on fresh borrowings, an action plan to reduce the overhead expenditure, disposal of fixed assets and a time-bound plan for asset recovery/reconstruction. The Government of India had also given its approval for the merger of IIBI with IDBI and the latter had already started the due diligence process.
But on 17 December 2005 the IDBI rejected any such merger.
Read more about this topic: IDBI Bank
Famous quotes containing the words industrial, investment, bank and/or india:
“I know no East or West, North or South, when it comes to my class fighting the battle for justice. If it is my fortune to live to see the industrial chain broken from every workingman’s child in America, and if then there is one black child in Africa in bondage, there shall I go.”
—Mother Jones (1830–1930)
“The only thing that was dispensed free to the old New Bedford whalemen was a Bible. A well-known owner of one of that city’s whaling fleets once described the Bible as the best cheap investment a shipowner could make.”
—For the State of Massachusetts, U.S. public relief program (1935-1943)
“When she could hide him no longer she got a papyrus basket for him, and plastered it with bitumen and pitch; she put the child in it and placed it among the reeds on the bank of the river.”
—Bible: Hebrew, Exodus 2:3.
“But nothing in India is identifiable, the mere asking of a question causes it to disappear or to merge in something else.”
—E.M. (Edward Morgan)