The Industrial Development Bank of India (IDBI Bank Ltd.), a public-sector apex financial institution which had evinced keen interest in the Gujarat experiment, was joined by the Industrial Credit and Investment Corporation of India (ICICI Bank Ltd.), Industrial Finance Corporation of India (IFCI Ltd.) and the State Bank of India (SBI) to sponsor an institution of this kind, and the Government of Gujarat expressed its willingness to support the same. While the four financial institutions agreed to provide capital and create a corpus fund sufficient to generate adequate interest-income to meet the minimum requirements of the proposed institute during its gestation period, the Gujarat Government pledged a 23-acre land for its physical facilities on the outskirts of Ahmedabad city. The sponsoring agencies were, however, absolutely clear that an institution committed to creativity and innovation must have a culture of creativity and hence, must enjoy maximum freedom in its internal functioning, conducive to exploration and experimentation. EDII was, therefore, set up as a wholly autonomous body under the Societies Registration Act on April 20, 1983. Since its inception, EDII has functioned under its own independent Board.