News Release

Mumbai, June 29, 2000

ICICI Teams with Yahoo! India to Provide Indian Financial Content

ICICI Limited (NYSE: IC), India's leading financial services provider has teamed-up with Yahoo! India, the newly-launched India-specific property on the Yahoo! global network.

Visitors to www.yahoo.co.in will soon be able to access co-branded Yahoo-ICICI pages, which will offer financial information including commentary on equity markets, stocks, news analysis and special features related to the financial sector in India.

Yahoo! India will also offer easy access to icicidirect.com, the integrated online stock trading website launched by ICICI Web Trade limited, a fully owned subsidiary of ICICI.

This initiative is in line with ICICI's focus to be a complete financial services provider with a large base of retail relationships. ICICI intends to use the Internet to offer innovative solutions to attract new customers and increase retention of customers. Through the wide reach of the Yahoo! global network, ICICI will be able to provide timely and relevant financial information and analysis to many more people, helping them make their financial decisions.

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 provide financial content to Yahoo! India, 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, 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:

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