It is against this backdrop that the government established the Industrial Finance Corporation of India ( IFCI ) on 1 July 1948.
2.
OTCEI is promoted by the Unit Trust of India, the Industrial Credit and Investment Corporation of India, the Industrial Development Bank of India, the Industrial Finance Corporation of India, and other institutions, and is a recognised stock exchange under the SCR Act.
3.
The equity of Rs2.63 crore was distributed between promoters and friends ( Rs80 lakh ), Risc Capital Fund of IFCI ( Industrial Finance Corporation of India ) and APIDC ( Andhra Pradesh Industrial Development Corporation ) with Rs20 lakh each and a public issue of Rs1.4 crore.
4.
The lenders _ Industrial Bank of India, Industrial Finance Corporation of India, State Bank of India and ICICI _ approached the Bombay court to demand that work on the power project in the western Indian state of Maharashtra resume to ensure adequate cash flows to the project and help its promoters pay dues to the four financial institutions.
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