Choose the order of the sentences marked A, B, C, D and E to form a logical paragraph.
A. Presently, we have thirteen IIMs.
B. The first IIM was established in 1961 in Kolkata.
C. At the time of independence, India did not have any management institute of high repute.
D. However, the need to have more IIMs was still felt.
E. Subsequently, a few more IIMs were set up at various locations in India.