Industrial Investment Bank of India
This article relies largely or entirely on a single source. (March 2012) |
The Industrial Investment Bank of India (IIBI) was a development finance institution under the ownership of Ministry of Finance, Government of India. It operated from its inception in 1971 until it was closed down by the Indian government in 2012. It was a development finance institution with the aim of rehabilitating sick industrial companies in India. IIBI offered 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 and investments in capital market and money market instruments.
History
It was established in 1971 by resolution of the
.The Industrial Reconstruction Corporation of India Ltd. (IRCI), set up in 1971 for rehabilitation of sick industrial companies, was reconstituted as Industrial Reconstruction Bank of India (IRBI) 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.
The clientele of the bank included
In 2005, a merger was considered of IIBI with the
References
- ^ "INVITATION FOR SUBMISSION – United Bank of India" (PDF). United Bank of India.
- ^ "Ispat_Industries%2008-09" (PDF). JSW Ispat. Retrieved 27 March 2012.[permanent dead link]
- ^ "Mega Merger Of IDBI, IFCI And IIBI Under Consideration". Financial Express. Retrieved 25 March 2012.
- ^ "TENDER DOCUMENT. FOR SALE OF. NON–PERFORMING ASSET. OF. INDUSTRIAL INVESTMENT. BANK OF INDIA LIMITED" (PDF). Deliotte.