Industrial Investment Bank of India - Revision history

UpdateBot at 13:34, 22 April 2022

2022-04-22T13:34:24Z

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	{{onesource\|date=March 2012}}		{{onesource\|date=March 2012}}

	The '''Industrial Investment Bank of India''' ('''IIBI''') was a [[government of India]]-owned [[financial investment]] institution that operated from its inception in 1971 until it was closed down by the Indian government in 2012. It was a type of [[development bank]] 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		The '''Industrial Investment Bank of India''' ('''IIBI''') was a [[government of India]]-owned [[financial investment]] institution that operated from its inception in 1971 until it was closed down by the Indian government in 2012. It was a type of [[development bank]] 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==		==History==

imported>Raarthik at 21:27, 22 August 2021

2021-08-22T21:27:37Z

← Older revision		Revision as of 02:57, 23 August 2021
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	It was established in 1971 by resolution of the [[Parliament of India]] u/s 617 of the Companies Act.<ref>{{cite web\|title=INVITATION FOR SUBMISSION - United Bank of India\|url=http://www.unitedbankofindia.com/Tenders/DocUpld/IIBI-Tender.pdf\|publisher=United Bank of India}}</ref> The bank was headquartered at [[Kolkata]] and had presence in [[New Delhi]], [[Mumbai]], [[Chennai]], [[Bengaluru]], [[Ahmedabad]] and [[Guwahati]].		It was established in 1971 by resolution of the [[Parliament of India]] u/s 617 of the Companies Act.<ref>{{cite web\|title=INVITATION FOR SUBMISSION - United Bank of India\|url=http://www.unitedbankofindia.com/Tenders/DocUpld/IIBI-Tender.pdf\|publisher=United Bank of India}}</ref> The bank was headquartered at [[Kolkata]] and had presence in [[New Delhi]], [[Mumbai]], [[Chennai]], [[Bengaluru]], [[Ahmedabad]] and [[Guwahati]].

	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.		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 [[Videocon]], Dr Morepen, Perfect Threads, Clutch Auto Limited, [[JSW Ispat]]<ref>{{cite web\|title=Ispat_Industries%2008-09\|url=http://www.jswispat.in/pdf/Ispat_Industries%2008-09.pdf\|publisher=JSW Ispat\|access-date=27 March 2012}}{{Dead link\|date=January 2020 \|bot=InternetArchiveBot \|fix-attempted=yes }}</ref> and LML Motors.		The clientele of the bank included [[Videocon]], Dr Morepen, Perfect Threads, Clutch Auto Limited, [[JSW Ispat]]<ref>{{cite web\|title=Ispat_Industries%2008-09\|url=http://www.jswispat.in/pdf/Ispat_Industries%2008-09.pdf\|publisher=JSW Ispat\|access-date=27 March 2012}}{{Dead link\|date=January 2020 \|bot=InternetArchiveBot \|fix-attempted=yes }}</ref> and LML Motors.

>BrownHairedGirl: +Category:Banks established in 1971; +Category:Banks disestablished in 2012 using HotCat

2021-04-12T17:26:41Z

+Category:Banks established in 1971; +Category:Banks disestablished in 2012 using HotCat

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{{Short description|Indian Financial Services company}}
{{onesource|date=March 2012}}

The '''Industrial Investment Bank of India''' ('''IIBI''') was a [[government of India]]-owned [[financial investment]] institution that operated from its inception in 1971 until it was closed down by the Indian government in 2012. It was a type of [[development bank]] 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

==History==
It was established in 1971 by resolution of the [[Parliament of India]] u/s 617 of the Companies Act.<ref>{{cite web|title=INVITATION FOR SUBMISSION - United Bank of India|url=http://www.unitedbankofindia.com/Tenders/DocUpld/IIBI-Tender.pdf|publisher=United Bank of India}}</ref> The bank was headquartered at [[Kolkata]] and had presence in [[New Delhi]], [[Mumbai]], [[Chennai]], [[Bengaluru]], [[Ahmedabad]] and [[Guwahati]].

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.

The clientele of the bank included [[Videocon]], Dr Morepen, Perfect Threads, Clutch Auto Limited, [[JSW Ispat]]<ref>{{cite web|title=Ispat_Industries%2008-09|url=http://www.jswispat.in/pdf/Ispat_Industries%2008-09.pdf|publisher=JSW Ispat|access-date=27 March 2012}}{{Dead link|date=January 2020 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> and LML Motors.

In 2005, a merger was considered of IIBI with the [[Industrial Development Bank of India]] and [[Industrial Finance Corporation of India]], but IIBI refused.<ref>{{cite news|title=Mega Merger Of IDBI, IFCI And IIBI Under Consideration|url=http://www.financialexpress.com/news/mega-merger-of-idbi-ifci-and-iibi-under-consideration/71999/1|access-date=25 March 2012|newspaper=Financial Express}}</ref> After the merger was refused by IIBI, the Indian government decided in 2006-2007 to close down the bank instead. As of 2011, the bank operated from its sole remaining office in Kolkata. [[Deloitte and Touche]] was appointed to dispose of IIBI's Non-Performing assets.<ref>{{cite web|title=TENDER DOCUMENT. FOR SALE OF. NON–PERFORMING ASSET. OF. INDUSTRIAL INVESTMENT. BANK OF INDIA LIMITED|url=http://www.deloitte.com/assets/Dcom-India/Local%20Assets/Documents/IIBI_NPA_Tender_Document_031210.pdf|publisher=Deliotte}}</ref> The bank's closure was announced in the Budget 2012.

==References==
{{Reflist}}
{{Banking in India}}

[[Category:Financial services companies of India]]
[[Category:Investment banks in India]]
[[Category:1971 establishments in West Bengal]]
[[Category:Indian companies established in 1971]]
[[Category:Indian companies disestablished in 2012]]
[[Category:Banks established in 1971]]
[[Category:Banks disestablished in 2012]]