HISTORY OF ICICI
1955: The Industrial Credit and Investment Corporation of India Limited (ICICI) incorporated at the initiative of the World Bank, the Government of India and representatives of Indian industry, with the objective of creating a development financial institution for providing medium-term and long-term project financing to Indian businesses. Mr.A.Ramaswami Mudaliar elected as the first Chairman of ICICI Limited. ICICI emerges as the major source of foreign currency loans to Indian industry. Besides funding from the World Bank and other multi-lateral agencies, ICICI was also among the first Indian companies to raise funds from international markets. 1956: ICICI declared its first dividend of 3.5% 1958: Mr.G.L.Mehta appointed the second Chairman of ICICI Ltd 1960: ICICI building at 163, Backbay Reclamation, inaugurated. 1961: The first West German loan of DM 5 million from Kredianstalt obtained 1967: ICICI made its first debenture issue for Rs.6 crore, which was oversubscribed. 1969: The first two regional offices in Calcutta and Madras set up. 1972: The second entity in India to set up Mr. H. T. Parekh appointed the third Chairman of ICICI. merchant banking services.
1977: ICICI sponsored the formation of Housing Development Finance Corporation. Managed its first equity public issue 1978: Mr. James Raj appointed the fourth Chairman of ICICI. 1979: Mr.Siddharth Mehta appointed the fifth Chairman of ICICI.
1982: ICICI became the first ever Indian borrower to raise European Currency Units. ICICI commences leasing business. 1984: Mr. S. Nadkarni appointed the sixth Chairman of ICICI. 1985: Mr. N.Vaghul appointed the seventh Chairman and Managing Director of ICICI. 1986: ICICI became the first Indian institution to receive ADB Loans. ICICI, along with UTI, set up Credit Rating Information Services of India Limited, India's first professional credit rating agency. ICICI promotes Shipping Credit and Investment Company of India Limited. 1987: The...