Industrial Investment Bank of India
This article relies largely or entirely on a single source. (March 2012)
The Industrial Investment Bank of India was a 100% government of India-owned financial investment institution. It was established in 1971 by resolution of the Parliament of India u/s 617 of the Companies Act. 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. 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.
In 2005, a merger of IIBI, IDBI and IFCI was considered, but IIBI refused and it was decided in 2006-2007 to close the bank. 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. The bank's closure was announced in the Budget 2012.
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