THE BRITISH INDIA CORPORATION was registered as a Limited Company on the 24th February, 1920. It was founded by the late Sir Alexander Mac Robert. The corporation was formed with the specific object of combining and amalgamating, under one Board of Directors, the following business with effect from the Ist of January, 1920.
>> CAWNPORE WOOLLEN MILLS CO. manufacturers of the well known "LALIMLI" brand of all- wool, pure wool materials - Kanpur (Established in 1876).
>> NORTH – West Tannery Co. Ltd., Proprietors of the largest and the most up-to-date Tannery in the East – Kanpur (Established in 1881).
>> NEW EGERTON WOOLLEN MILLS CO. Ltd., Sole manufacturers of the celebrated "DHARIWAL" long life wool wear – Dhariwal, Punjab. (Established in 1882).
>> CAWNPORE COTTON MILLS CO. Ltd., Sole manufacturers of the unsurpassed "KAKOMI" Cotton Yarns and Fabrics – Kanpur (Established in 1882).
>> Empire Engineering Co. Ltd., Civil, Mechanical, Motor and Constructional Engineers,
Contractors and Builders – Kanpur (Established in 1894). Over the years four of the above companies have shut down their businesses and are no longer in existence. Only two of the business units are in existence and are running as on date viz., Cawnpore Woollen Mills Branch, Kanpur, and New Egerton Woollen Mills Branch, Dhariwal, Punjab
>> The Company changed hands from British interests to the Indian business families of MUNDRAS and then BAJORIAS between 1955 and 1962
>> In February 1963 the management of BIC got vested with an elected Board with the approval of Central Government as well as UTI, LIC and Banks.
>> In June, 1981, BIC became a Government Company through an Ordinance promulgated by the Government of India.
>> It is a Public Sector undertaking, under the control of Ministry of Textiles, Government of India, and is the only P.S.U. manufacturing Woollen Textiles in the country.
>> On the basis of its financial position, the company was referred to the Board for Industrial and Financial Reconstruction (BIFR) on 31st March,1991.
>> Rehabilitation Scheme of B.I.C. was approved by BIFR in Feb. 2008. As per direction of cabinet the M.D.R.S. was reassessed by I.F.C.I. & W.R.A. and forwarded to BRPSE for its approval. The scheme was approved by BRPSE on 28th July, 2010. It is expected that the cabinet approval and other formalities will be completed shortly and thereafter production activities shall resume in full swing.