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ICICI Limited

ICICI to Enhance International Presence

The Board of Directors of ICICI at its recent meeting held a detailed
discussion on ICICI Group's international strategy and decided that the present
time is opportune for an enhanced international presence.

ICICI Group's preliminary strategy for growth in international business would
be based on leveraging home country links and technology competencies in
financial services to enter new geographies. The critical strengths, which can
be leveraged to create value, include strong relationships with domestic
corporates, established domain expertise in technology for financial services
and existing NRI business.

In view of its importance, the Board desired an exclusive managerial focus at
the level of a Board member. Accordingly, the ICICI Board has decided that Mrs.
Lalita Gupte take over the responsibility for ICICI Group's international
business as Joint Managing Director and Chief Operating Officer - International
Business.

Except for the historical information contained herein, statements in this
release which contain words or phrases such as "will", "would", "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
International Business plan, 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 press queries please contact Madhvendra Das at +9122 653-6124 or
email: das@icici.com.

July 9, 2001

END