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ICICI Limited

News Release                                                  June 23, 2000

ICICI Infotech acquires US$10 million Ivory Consulting Group, USA

ICICI Infotech Services Limited (IISL), a wholly owned subsidiary of ICICI
Limited (NYSE: IC) today announced the acquisition of US based Ivory Consulting
Group (ICG), a major software services provider in the USA with an annual
revenue of US$10 million. The acquisition has been undertaken by the New Jersey
based ICICI Infotech Inc., the US arm of IISL. The acquisition will provide
ICICI Infotech Inc. a strong customer base and a highly skilled technical
resource pool, thereby enabling the company to get a strong resource and client
base in the US market.

ICICI Infotech Inc. plans to undertake offshore development work from the US as
well as execute on-site projects. The offshore development segment of the
business of ICICI Infotech Inc. would be supported by IISL's 180,000 square ft.
development facilities and state of the art data center, located in Mumbai.

The acquisition is part of IISL's global strategy to rapidly establish its
presence in the international markets. The Company has plans to foray into major
software markets around the world and USA forms a substantial part of it.
Recently, IISL also tied-up with the Emirates Bank Group to set-up a joint
venture in Dubai, aimed at tapping the Middle-East markets for software
development.

ICICI Infotech Inc. will offer its services not only for the Financial Services
sector where it has domain expertise, but also to other major industries like
Healthcare, Retail, Telecommunication, Utilities etc. where the company can add
value through its world class technical resources. IISL has already done
pioneering work in web solutions, e-commerce and m-commerce; this expertise will
be utilized to enable the US customers to take advantage of emerging
opportunities.

Mr. Nathan Shivakumar, President of Ivory Consulting Group will now be the
President of ICICI Infotech Inc. and will be responsible for leading and guiding
the team to achieve ICICI Infotech Inc's mission to partner with clients in USA
in their goal to achieve sustainable competitive advantage. This acquisition
complements ICICI Infotech's financial strength, domain expertise, project
management experience and world-class infrastructure with the skilled technical
resources and established customer base that ICG has, with intentions to emerge
as one of the leading providers of software services in the US market.

About ICICI Infotech Services Limited

ICICI Infotech Services Limited, a leading software solutions and services
provider based in India, was established in October 1993. It is a wholly owned
subsidiary of ICICI Limited (NYSE: IC). It was formed by consolidating the
software and other IT personnel from across ICICI Group companies along with a
large number of domain experts under the ICICI Infotech banner. The company's
business operations can be broadly divided into three distinct areas namely
end-to-end solutions in software development and consultancy for the banking and
finance industry; e-commerce and web-enabled services across verticals; and
IT-enabled services. Even as it continues to empower the US $ 17 billion ICICI
Group to become a technology savvy conglomerate, IISL is reaching out to address
the IT needs of organisations beyond the ICICI Group. As a result of IT driven
innovations and efficient work processes IISL was awarded ISO 9001 and IQ Net
certifications by Standards Australia.

About Ivory Consulting Group

Ivory Consulting Group (ICG) is a division of Ivory International Inc.. founded
in the year 1993 and has been in the Information Technology business since
February 1996. Headquartered in New Jersey, USA its operations have grown
rapidly in the last two years. It has an experienced management team and
marketing capabilities with a large pool of consultants having skill sets in web
technologies.




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 projects, our strategy,
our ability to integrate the business of Ivory Consulting Group, our growth and
expansion, 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, the parent company of ICICI Infotech Services 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 further information contact:
Mr. V. Srinivasan on +91-22-4906000 or email to srinivasan@icici.com