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ICICI Limited

Mumbai
Press Release                                               21 June 2000

ICICI and ZEE announce partnership in the Internet space

ICICI Limited (NYSE: IC), the leading Indian financial intermediary, and ZEE
Telefilms, the leading media and TV company of India, today announced a tie-up
for a co-branded financial services channel on Zeenext.com - the Internet portal
owned by Zee TV.

Under the agreement, ICICI would act as the sole banking and financial services
provider to customers on Zeenext.com. ICICI would also provide the payment
gateway to the portal, thus enabling secure e-Commerce transactions for
customers. The convergence of ICICI's financial expertise and technology and the
increasing reach of Zeenext.com will help reach ICICI's financial products and
services to many more households in the country.

Zeenext.com is one of India's leading horizontal portals covering a wide range
of subjects including news, current affairs, entertainment, lifestyle, travel,
legal, finance etc. The ICICI-ZEE finance channel will benefit from the 20
million hits per month enjoyed by zeenext.com and also from the wide reach of
Zee Telefilms Limited which has access to over five million homes across India
via the cable network of its affiliate, Siticable Limited.

Apart from the normal telephonic connectivity, Zeenext.com will soon be offered
to customers through the broadband Siticable network of Zee TV. The ZEE Group
has commenced the process of setting up a state-of-the-art hybrid fibre coaxial
(HFC) network in 26 cities in the first phase at an investment of over Rs. 2,300
crore and is expected to be extended to 74 other cities/ towns after the
completion of the first phase. This will enable broadband connectivity for
media, voice data and value added services such as video-on-demand to millions
of customers. The broadband cable connectivity will also make financial
transactions much faster on the net, display rich content and make the Internet
available to a far larger number of people. ZEE Telefilms and ICICI propose to
harness the opportunities offered by broadband technology to bring virtual
banking enriched with interactive content to their customers.

The Zeenext-ICICI vortal will provide a complete solution in the personal
finance space by covering all aspects from information to online transactions.
This vortal will carry content on all investment products, including content on
third party products, consulting services by means of planning and calculation
tools and most importantly also allow online fulfillment and transactions. This
initiative is in line with ICICI's retail focus and its attempt to bring its
services to a larger number of people through the use of new technology such as
the Internet and innovative solutions designed at expanding customer base.

Except for the historical information contained herein, statements in this
release which contain words or phrases such as "will", "aim", "will likely
result", "believe", "expect", "will continue", "anticipate", "estimate",
"intend", "plan", "contemplate", "seek to", "future", "objective", "goal",
"project", "should", "will pursue" 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 various portals, our strategy,
future levels of non-performing loans, our growth and expansion, the adequacy of
our allowance for credit losses, technological changes, investment income, cash
flow projections, our exposure to market risks as well as other risks detailed
in the reports filed by ICICI Limited with the Securities and Exchange
Commission of the United States. ICICI undertakes no obligation to update
forward-looking statements to reflect events or circumstances after the date
thereof.

For Investor Queries Contact:
Mr. A.P. Singh on +91-22-6536262 or email at singhap@icici.com