ICDS Limited was incorporated in October, 1971 and was registered as a Non-Banking Financial Company (NBFC). The Company is presently concentrating on the recovery of its dues and repaying its liabilities and is also engaged in trading activities of shares and securities, mobiles and accessories, rental revenue from investment properties, marketing of the insurance products of life and general insurance companies. The Company is diversifying into more fee based activities.
The flagship of the once undivided Pai group, ICDS has now come under the fold of Mohandas Pai, with Ramesh Pai having transferred his share to the Mohandas Pai group in 1995, the silver jubilee year. Over the past 25 years, the company has built a strong base. Formed to succeed Syndicate Bank, after the latter's nationalisation, ICDS comes from very good stock. Its sheer size, strength and expertise have led ICDS to become a group on its own, providing guidance and direction to other finance companies.
ICDS, enjoying one of the highest net accruals of deposits, has crossed Rs 368 cr. It has a country-wide network of 42 branches, supported by several resident representative offices, bringing the services of the company to the doorstep of the investors.
Bank and institutional funding to the tune of Rs 75 cr and total disbursals under the hire purchase and leasing schemes exceeding Rs 500 cr are some of the factors which indicate the confidence enjoyed by the company among banks and financial institutions. It is one of the few finance companies to get loans worth US $ 10 mln.
ICDS has diversed into the hospitality industry with the launch of Central Park in Bangalore, the first among a chain of hotels. The company has branches at Gurgaon in Haryana, Puttur, Belthangady, Honavar, Sullia, Byndoor Nellor in Andhra Pradesh, Bhrahmavar, Davangere and Kumta in Karnataka and performance of these branches are satisfactory.
Manipal Investments Ltd amalgamanted with the company with effect fro