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ICICI Limited

ICICI announces proposal to list ICICI Infotech

ICICI (NYSE: IC) today announced its decision to sell upto 10% of its stake in
ICICI Infotech Services Limited (a wholly owned subsidiary) by means of an
offer for sale. ICICI Infotech would also raise fresh equity capital of upto
10% of the current capital by means of an Initial Public Offering of Shares.
The proceeds from the equity offering would be used to retire debt raised to
finance previous acquisitions by ICICI Infotech as well as to fund business
needs and future acquisitions. ICICI Infotech plans to file the prospectus with
the Securities Exchange Board of India shortly.

ICICI Infotech has achieved rapid growth both through a sharp increase in
business volumes as well as acquisitions both domestically and overseas. The
acquisitions include Rohan Software (an Indian software development firm
specializing in banking and financial services), Ivory Consulting (a software
services provider in the US with an annual revenue of about US$10 million) and
Object Xperts (an Information Technology firm based in the United States). The
acquisitions were a part of ICICI Infotech's global strategy of rapidly
establishing its presence in the major software markets around the world
including USA, Europe and Asia. ICICI Infotech recently tied-up with the
Emirates Bank Group to set-up Tricolour Infotech (a 50:50 joint venture based
in Dubai) with the aim of tapping the Middle-East markets for software
development. It has also entered into an implementation partnership agreement
with System Access - a banking product company based in Singapore. ICICI
Infotech has also commenced projects in certain European countries including
Germany and Ireland.

About ICICI Infotech Services Limited

ICICI Infotech Services Limited, a leading software solutions and services
provider based in India, was established in October 1993. The company presently
focuses on software development & web-enabling businesses, IT enabled services
and IT infrastructure, communications and related services. As on June 30,
2000, the net worth of the company was Rs 481 million, of which the share
capital accounted for Rs 60 million, and the reserves and surplus accounted for
Rs 421 million.

ICICI Infotech has already done pioneering work in web solutions, e-commerce
and m-commerce, and this expertise will be utilized to take advantage of
emerging market opportunities. As a result of its IT driven innovations and
efficient work processes, ICICI Infotech was awarded the ISO 9001 and IQ Net
certifications by Standards Australia. ICICI Infotech today employs about 750
professionals, of which about 120 are employed in the United States. The
company presently has an 85,000 sq. ft software development center in
Mahalaxmi, with two more development centers of total area 90,000 sq. ft
expected shortly in Vashi - Navi Mumbai and Chennai.

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 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 further investor queries:

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

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