Full Form of RIICO, Rajasthan State Industrial Development and Investment Corporation

The Rajasthan State Industrial Development and Investment Corporation (RIICO) is an Indian government entity headquartered in Jaipur. The agency has established twenty-seven regional offices throughout Rajasthan to supervise the growth and management of industrial areas. RIICO also contributes to the economic development of Rajasthan and its surrounding areas.

About RIICO 

RIICO has been a pioneer in the industrial growth of Rajasthan, establishing industrial areas and issuing loans to large, medium, and small-scale projects. By providing money for both new and existing industries, RIICO has assisted the state in transforming it into a large detainee market for industries.

Rajasthan State Industrial Development and Investment Corporation, or RIICO, is a premier government agency that has played an important role in Rajasthan's industrial development. In 1980, RSIMDC was divided into RIICO and RSMDC.

RIICO is a premium government organization owned by the Government of Rajasthan. RIICO's primary activities include site selection and acquisition of land, development of infrastructure for industrial areas, financial assistance to small, medium, and large-scale projects, private equity in large projects on merit, technical consultancy for project selection and technical tie-up, escort services, facilitation of government clearances, merchant finance and banking tie-ups, and the extension of incentives and concessions following state government policy.

History 

On March 28, 1969, the Rajasthan State Industrial & Mineral Development Corporation (RSIMDC) was established under the Companies Act 1956. On January 1, 1980, it was divided into the Rajasthan State Industrial Development & Investment Corporation Limited (RIICO) and the Rajasthan State Mineral Development Corporation (RSMDC). 

It has a paid-up capital of Rs. 2102 million and an authorized share capital of Rs. 2350 million. RIICO paved the way for Rajasthan's industrialization by establishing industrial zones. RIICO also functions as a financial institution, lending money to large, medium, and small-scale projects. Also, RIICO has established 30 Regional Offices throughout Rajasthan to oversee the development and management of industrial areas. 

RIICO has catalyzed approximately 96 billion in investment, with RIICO's ability to contribute to term loans totalling approximately Rs. 37.98 billion and employing approximately 1.12 million people. In these industrial areas, over 42300 industrial units are manufactured. In fiscal years 2018-19, 2019-20, and 2020-21, RIICO's net profit is Rs. 705 million, Rs. 2653 million, and Rs. 5309 million, respectively.

Objectives of RIICO 

RIICO was established to accomplish the following goals:

1. a) Firstly, To encourage, assist, and ensure the promotion of high-value-added industries following the state government's social and economic objectives and industrial policy.
2. b) Secondly, To provide and ensure the supply of all required infrastructure (including energy and water infrastructure, residential, social, and commercial facility infrastructure) to accomplish the above mentioned goals.
3. c) To provide entrepreneurs with appropriate financial guidance and assistance as they establish businesses in the state.
4. d) Identifying and promoting entrepreneurial talent to broaden the state's entrepreneurial base.
5. e) To provide project ideas, concepts, and concrete plans for industrial project implementation in the state.
6. f) To earn a reasonable return on funds placed at the corporation's disposal to ensure corporate viability and enrich its resource base.
7. g) To offer as a merchant banker to facilitate the accessibility of all related programs at the state level.
8. h) Priority is given to developing social and economic infrastructure in and around industrial areas by RIICO.
9. I) Moreover, Social infrastructure consists of educational institutions, parks, post offices, banks, shopping malls, and housing, among other things.

Services to investors and entrepreneurs

Further RIICO has been a driving force in Rajasthan's industrial development. RIICO offers the following services to investors and entrepreneurs:

• -Land allocation and site selection
• -Financial support for medium and large-scale projects
• -Participation in large projects with direct equity participation
• -Technical consulting for project selection and technical collaboration
• -Escort services and assistance with government clearances
• -Financial alliances and merchant banking
• -And Extending incentives and concessions following state government policy

Within the industrial areas developed by RIICO in Rajasthan, over 14,500 industries are in operation. Ericsson, Samcor Glass, Indian Shaving Products, Bausch & Lomb, Modi Alkalies and Chemicals, Climate Systems,  Dabur (India), and Haryana Sheet Glass. Moreover, It also offers a one-of-a-kind financial package to investors for large and medium-sized industrial projects, all under one roof.

Also, RIICO is also helping to accelerate industrial growth by providing various types of assistance to entrepreneurs. It is also authorized to carry out various functions, including promotional activities such as project identification, project profile development, and feasibility reports. Further, Developing industrial areas, building sheds, and providing infrastructure such as roads, street lights, and drains, among other things

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