News Release
Mumbai, October 3, 2000
ICICI signs agreement to sell its Property in Backbay
Reclamation, Mumbai
ICICI Limited has agreed to sell 7 floors of ICICI
Main Building(1st to 7th floors - approximately total built up area of
48,445 sq. ft.) situated at 163, Backbay Reclamation, Mumbai 400 020,
for an aggregate sum of Rs. 73.10 crore.
ICICI will retain the land and the Ground floor (admeasuring
approximately 7,105 sq. ft.), which is presently occupied partly by ICICI
Bank and partly by Central Bank of India.
The Purchasers are various group companies of Mr. Ketan
Parekh, a leading share broker of Mumbai. The purchasers will also bear
any other expenses related to levies, if any by the State Government.
The transaction will be completed on the receipt of
37-I clearance from Income Tax authorities.
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 press queries
please contact:
ICICI: Mr Charudatta Deshpande
Head Corporate Communications,
Tel: 022-26538208
Fax: 022 26531116
email: charudatta.deshpande@icicibank.com