About:

(i)                Industrial Reconstruction Corporation of India (IRCI) was established to provide financial assistance as well as to revive and revitalize sick industrial units in public and private sector.

(ii)              IRCI was set up in 1971 with a share capital of ` 10 cores.

(iii)            In March 1985, it was converted into a statutory corporation called the Industrial Reconstruction Bank of India (IRBI).

(iv)            The authorized capital of IRBI was ` 200 cores. Functions:

(a) providing financial, managerial and technical assistance to the sick enterprises directly;

(b) providing merchant banking services for merger, amalgamation etc

(c) Securing finance from other institutions and government agencies for the revival of sick industries.