Incorporated in 1989, IIT Capital Services was promoted by the IIT group. The company is managed by Chairman Sushil Premchand and Managing Director Yogesh Kapadia. IIT came out with a Rs 9.60-cr public issue of unsecured 16% FCDs in Dec.'93. The company is engaged in financial activities such as leasing / hire purchase, corporate financing and bill discounting / endorsement. It plans to expand its auto-finance and consumer finance activities significantly during the current year. The company has also acquired new and more spacious business premises in order to cope with the increasing volume of business. A branch office has also been set up at Madras to tap the business potential in the south. There are plans to open branches in other parts of the country during the current year. In 1995-96, the company entered into collaboration with Motorola, US, for providing radio trunking services through a joint venture partnership. The company to issued Preference Shares amounting to Rs 1,000 lacs to the promoters, Industrial Investment Trust Ltd. to enhance the net owned funds and also to improve the liquidity.