surendranagar Dudhrej is situated in the Surendranagar district of Gujarat. During the colonial era, Surendranagar was used as a hill station for medication and treatment. Its dry environment was beneficial for various ailments. The dry air of Surendranagar is still believed to be the apt place in Gujarat to bring relief to patients of tuberculosis. Surendranagar has many SMEs including confectioneries, ceramics, pharmaceuticals, engineering plastics and salt production. Nearly 25% of Indias salt supply comes from Surendranagar. The Wadhwan city near Surendranagar functions as a major hub for trade and processing of cotton, agricultural products, salt, chemicals, pharmaceuticals, plastics, textile bearings, ceramics and sanitary ware. Surendranagar is also a hub of cotton and ginning activities. Numerous ginning and pressing units can be found in the area. It is a large producer of premium quality shankar cotton in the world. The Surendranagar Cotton Oil and Oilseeds Association Ltd. is famous for trade and exchange. It is Indias first Cotton Future Trading Exchange and was established in 1964. Home to a big textile and clothing market, Surendranagar specializes in saris. Vadwala Mandir of the Rabari community is situated in Surendranagar and attracts many visitors of the community on important days of rituals and ceremonies.
In 2000, Indian Overseas Bank engaged in an initial public offering (IPO) that brought the governments share in the banks equity down to 75%. In 2001, the IOB acquired the Mumbai-based Adarsha Janata Sahakari Bank. Then in 2009, the bank took over Shree Suvarna Sahakari Bank, which was founded in 1969 and had its head office in Pune. Since 2006, Shree Suvarna Sahakari Bank had been in administration. It had nine offices in Pune, 2 in Mumbai and 1 in Shirpur. The total strength of employees was estimated to be more than 100. On 29 August 2003, the Indian Overseas Bank has opened an extension counter at New Kathiresan Temple complex, Bambalapitiya, Ceylon. The IOB opened a representative office in Guangzhou, China in 2005 followed which the bank opened another representative office in Kuala Lumpur and 2009 in Dubai, UAE. In the new millennium, international expansion started once again. The bank took over Bharat Overseas Bank in 2007. After three years, Malaysia granted a commercial banking license to a local bank jointly owned by BOB, IOB, and the Andhra Bank. The new bank named, India International Bank ( IIB Malaysia), began its business in 2012 in Kuala Lumpur and had a large population of Indians. The Andhra Bank holds a 25% stake in its joint-venture, BOB owns 40%, and remaining 35% is with IOB. On 31 August 2013, the Indian Overseas Bank has opened an offshore banking unit in Colombo, Sri Lanka. The bank also converted its existing Extension Counter at Ceylon into a full-fledged branch.