Item 7

ICICI Limited


ICICI to set up B2B and B2C e-Commerce Payment Gateway in association with
Compaq and QSI

ICICI Ltd. (NYSE: IC and IC.D) today announced that it has tied up with Compaq
led consortium for setting up a payment gateway to facilitate secured online
Business-to-Consumer (B2C) and Business-to-Business (B2B) e-Commerce
transactions. The payment gateway will be owned by a subsidiary of ICICI and
implemented by Compaq India, subsidiary of Compaq Computers Corporation (NYSE:
CPQ), QSI Payment Technologies (QSI), Australia and Financial Software & Systems
Pvt Ltd. (FSS).

ICICI will be the first financial intermediary to implement an e-Commerce
payment gateway within India and will be providing services to corporates,
consumers, merchants and banks that plan to share the ICICI Payment Gateway.

ICICI's B2C payment gateway will interface between the Internet shopper, the web
merchant and banking systems in a secured environment to facilitate online
payments. The Gateway offers the flexibility of multiple payment modes including
credit, debit & smart cards, direct bank debits and e-cheques. The Gateway will
use strong encryption technologies and digital signatures to protect these
transactions from potential attacks by hackers.

ICICI's B2B Payment Gateway will facilitate e-Commerce transactions between
corporates in a virtual market place. The Gateway would also provide
e-procurement services by linking corporates with their network of buyers and
suppliers. The Gateway will allow processing of innovative payment instruments
like e-cheques, purchasing cards, direct debits and on-account payments.

"The ICICI e-Commerce Payment Gateway will launch a state-of-the-art Internet
payment system and is set to open the world of e-Commerce to many more
merchants, consumers and businesses in India by significantly lowering the cost
and complexity of enabling secure transactions over the Internet," said Mr. K V
Kamath, MD & CEO, ICICI Ltd.

The Gateway will provide easy integration with merchant Shop & Buy Applications
and back-end systems through a thin "Payment Client" - an XML client software
residing on the merchant server. Apart from processing online transactions, the
Gateway would also provide merchants with an administrative module for
transaction management, offering a high degree of flexibility for merchants.

The ICICI Gateway will support credit card transactions secured by using Secured
Socket Layer (SSL) technology, the most commonly used security standard on the
Internet today. Further, the Gateway has the flexibility to support Secured
Electronic Transaction (SET) standards.

ICICI Group has launched a number of strategic initiatives on the Internet such
as e-Invest -India's first Internet stock trading service. ICICI Bank, the
banking subsidiary of ICICI and the pioneer of Internet Banking in India, has
introduced several Internet based services which include online opening of bank
accounts for NRI customers; the first pan-India Internet based bills payment
system; Money2India - a remittance product for NRIs, etc. ICICI Bank has entered
into agreements with leading corporates for B2B and B2C solutions and has
recently signed a memorandum of understanding with Satyam Infoway Limited
(Nasdaq: SIFY) for online distribution of Banking products.

Compaq Computer Corporation is the second largest computer company in the world.
Compaq develops and markets hardware, software solutions and services.

QSI is a leading solution provider for e-Commerce Payment Gateway with major
installations such as payment gateways for Hong Kong & Shanghai Bank in Hong
Kong and MasterCard in Sydney. It has executed several other projects including
GPTA in China, CashCard in Sydney and the SafeDebit system with NYCE, New York.

FSS is a leading Switch solutions provider in India and is the distributor for
QSI in India. FSS will undertake the implementation of ICICI's Payment Gateway
project.

Except for the historical information contained herein, statements in this
Release which contain words or phrases such as 'will', 'would', 'aim', `likely',
'will likely result', 'believe', 'expected', `is set to', 'will continue',
'anticipate', 'estimate', `facilitate', 'enable', 'enabling', 'intend', 'plan',
'contemplate', 'seek to', 'future', 'objective', 'goal', 'project', 'should',
'will pursue', `offer' and similar expressions or variations of such expressions
may constitute 'forward-looking statements'. These forward-looking statements
involve a number of risks, uncertainties and other factors that could cause
actual results to differ materially from those suggested by the forward-looking
statements. These risks and uncertainties include, but are not limited to our
ability to successfully implement the e-Commerce payment gateway along with
Compaq, QSI and FSS, and ICICI's ability to obtain statutory and regulatory
approvals and to successfully implement the integration of various systems. In
addition there would be certain uncertainties arising from the ability to
successfully implement our strategy, future levels of non-performing loans, our
growth and expansion in business, the adequacy of our allowance for credit
losses, technological implementation and changes, the actual growth in demand
for e-Commerce payment gateway products and services, investment income, cash
flow projections, our exposure to market risks, alliances with other corporates,
as well as other risks detailed in the reports filed by ICICI Limited with the
Securities and Exchange Commission of the United States of America. ICICI
undertakes no obligation to update forward-looking statements to reflect events
or circumstances after the date thereof.

January 27, 2000


For further investor queries:

Contact: A.P Singh at 91-22-653 6262 or email at singhap@icici.com

END