RIICO (Rajasthan State Industrial Development and Investment Corporation  )

•  Government enterprise incorporated under Companies Act, 1956 on 28th March, 1969 as Rajasthan State Industrial & Mineral Development Corporation (RSIMDC) and bi-furcated into Rajasthan State Industrial Development & Investment Corporation Limited (RIICO) and Rajasthan State Mineral Development Corporation (RSMDC)on 1st January, 1980.
• RIICO is owned by Government of Rajasthan and it is a premium organisation of govt. of Rajasthan. RIICO is mainly engaged in site selection and acquisition of land, developing infrastructure for industrial area, financial assistance to small, medium and large-scale projects, equity participation in large projects on merit, technical consultancy for project identification and technical tie up, escort services, facilitation of government clearances, merchant banking and financial tie -ups and extending incentives and concessions as per the policy of the State Government.
•  It has an authorised share capital of Rs. 2350 million and paid-up capital of Rs. 2102 million. RIICO has pioneered industrialisation of the State of Rajasthan by setting up of industrial areas. RIICO also acts as a financial institution by providing loan to large, medium and small scale projects.
• RIICO has set up 28 Regional Offices all over Rajasthan to administer the development and management of the industrial areas. Physical infrastructure developed includes roads, power, street light, water supply, drainage etc. along with provisions for basic social infrastructure.
• RIICO has so far developed 338 Industrial Areas by acquiring around 82000 acres of land. RIICO has catalysed investment of around 90 billion with RIICO’s contribution to term loan being around Rs. 33.69 billion and generating employment of around 1.09 lac persons. More than 37000 industrial units are in production in these industrial areas. Net Profit of RIICO in FY 2011-12, 2012-13 and 2013-14 is Rs. 4734 million, Rs. 2714 million and Rs. 1327 million respectively.

Functional Divisions of RIICO:

 RIICO has set-up the following five divisions for its efficient working

a) Industrial development division : Works for identification and promotion of projects in joint/assisted sectors and carries out appraisal of loan applications for sanction of financial assistance. This division is also entrusted with recovery of assistance granted and rehabilitation of sick industrial units.

b) Investment division :  It acts for operating and maintaining accounts of various schemes in respect of granting financial assistance for industrial development.

c) Industrial promotion and infrastructure division  : Established for development and management of industries and industrial areas within the State of Rajasthan.

 d) Finance division : It works for raising necessary financial resources and maintenance of accounts for preparation of P and L A/c. and balance sheet as required under the Companies Act.

 e) Administration and co-ordination : Work for recruitment, training, placements, etc. of the personnel and for providing congenial working environment for efficient operations.

Objectives of RIICO :

 RIICO was formed to meet the following objectives:

a) To encourage, assist and ensure the promotion of industries with the highest value addition in the State in consonance with the state governments social and economic objectives and industrial policy.

 b) To provide and ensure the provision of all necessary infrastructure (including energy and water, residential, social and commercial facilities infrastructure) to achieve the above objectives.

 c) To provide appropriate financial assistance and guidance to entrepreneurs to establish industries in the State.

 d) To identify and promote the entrepreneurial talent for widening entrepreneurial base in the state.

e) To provide project ideas, concepts and concrete plans for the implementation of industrial projects in the State.

 f) To earn a reasonable rate of return on the funds placed at disposal of the corporation so as to ensure corporate viability and to enrich its resource base.

 g) To act as a merchant banker to facilitate availability of all related services at the State level.

 h) RIICO accords priority to development of social and industrial infrastructure in and around industrial areas.

i) Social infrastructure includes educational institutes, parks, post office, banks, shopping complexes, housing, etc.

RIICO has played a catalytic role in the industrial development of Rajasthan. Services provided by RIICO to investors and entrepreneurs include:

·Allotment of land and site selection

 ·Financial assistance to medium and large scale projects

·Direct equity participation in large projects

·Technical consultancy for project identification and technical tie up

·Escort services, facilitation of government clearances

 ·Merchant banking and financial tie-ups

·Extending incentives and concessions according to the policy of State Government

More than 14,500 industries are in production within the industrial areas developed by RIICO in Rajasthan. These include industry majors like Ericsson, Samcor Glass, Indian Shaving Products, Bausch & Lomb, Climate Systems, Modi Alkalies and Chemicals, Dabur (India), Haryana Sheet Glass among others. RIICO also provides a unique financial package to investors for large and medium industrial projects, all under a single roof.

RIICO is playing a useful role in accelerating the industrial growth by providing various types of assistance to the entrepreneurs. RIICO is authorized to undertake a wide range of functions, inter alia including. Promotional activities such as identifications of projects, preparation of project profile and feasibility reports. Developing industrial areas, constructing sheds and providing infrastructure facilities like roads, street lights, drains etc.