News Release

January 01, 2001

ICICI acquires Depository Business of Gayathri Securities

ICICI Limited (NYSE: IC), one of the leading Depository Participants (DP) in India, strengthened its presence in Chennai by acquiring the depository business of Gayathri Securities Limited (GSL), a DP based in Chennai, for a consideration of Rs. 3 million.

A memorandum of understanding (MOU) to this effect was recently entered into between Mr. Amitabh Chaturvedi, Deputy General Manager, ICICI, and Mr. B.H.Kothari on behalf of Gayathri Securities.

This acquisition is in line with ICICI's plans of rapidly expanding its depository business in line with its retail strategy.

ICICI is a leading depository participant with more than 215,000 accounts and Rs. 52 billion in assets under custody. ICICI offers depository services through a wide network of more than 130 ICICI Centres and ICICI Bank branches spread across India.

GSL is a Chennai based brokerage house with interest in depository services and retail debt. It has been promoted by Mr. Nitin Kumbhani, founder of Kumbhani & Co., a US based investment management fund.

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 integrate the business of Gayathri Securities Limited, implementation our retail strategy, 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:
ICICI: Mr Charudatta Deshpande
Head Corporate Communications,
Tel: 022-26538208
Fax: 022 26531116
email: charudatta.deshpande@icicibank.com