The Indian Iron and Steel Co Ltd was promoted by Sir Rajen along with Burn & Co on March 11,1918 with an authorised capital of three crore rupees.
On December 02,1936,the two companies -namely, Bengal Iron Company and IISCO with Martin & Co and Burn & Co as the respective agents got merged in order to forge a strong unit.
On 20th April 1937 was floated a new enterprise - The Steel Corporation of Bengal (SCOB) with the share capital of Rs.5.03 crores.
IISCO and SCOB again got merged on October 29,1952.
From 1952 till 1966 was the period during which IISCO's fame as a well-managed steel plant in India under the able management of Sir Biren rose.
IISCO was granted the World Bank loans three times - the first one in December 1953 for USD 31.5 million, next for USD 20 million in December 1956 and finally for USD 19.5 million in December 1961.
The much-needed extensions were concluded on time, the second one of 1955 being completed in about 13 months, ahead of schedule. The dues were repaid promptly.
The Government of India under Nehru's premiership supported IISCO's
honest and sincere efforts to sustain a steel plant to its desired production level.
In 1962-63 the figures were 1,002,039 tonnes; in 1963-64,it touiched the record of 1,026,786 tonnes.
IISCO declared a dividend of 16% for three years in 1961-62- and 1963. Next three consecutive years,it was still higher - a whopping 17 %.
But within a span of two years beginning 1967 began the swift and steep fall from glory to abysmal depth.
On 14th July 1972, IISCO was nationalized.