United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the month of December, 1999
ICICI Limited
(Translation of registrant's name into English)
ICICI Towers
Bandra-Kurla Complex
Mumbai, India 400 051
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F
--- ---
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g 3-2(b)
under the Securities Exchange Act of 1934.
Yes No. X
--- ---
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g 3-2(b).
Not applicable.
<PAGE>
INDEX TO EXHIBITS
Item
- ----
1. Press announcement by ICICI Bank Limited (subsidiary of ICICI Limited)
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Dated: December 15, 1999
ICICI Ltd.
By: /s/ Nachiket Mor
--------------------
Name: Nachiket Mor
Title: General Manager
Item 1
ICICI Limited
A landmark ".COM" venture in India between ICICI BANK and SIFY for online
distribution of retail banking products and services
In a major development in the Internet world, ICICI Bank, the banking
subsidiary of ICICI Ltd. (NYSE: IC and IC.D) and Satyam Infoway Ltd. (NASDAQ:
SIFY) announced the setting up of a new ".COM" company for on-line distribution
of retail banking products and services on the Internet. This landmark
agreement marks the coming together of India's first Internet Banking provider,
ICICI Bank, and India's largest private ISP and mega-Portal, Satyam Infoway, to
create a unique partnership between a major Bank and a mega-Portal. The
marriage between banking and portals is expected to be a win-win potent
combination, which is expected to result in improved customer orientation,
lower distribution cost, long-term customer relationships with ease of banking
wherever and whenever the customer wants it and enhanced profitability. The
range of retail banking products to be distributed through the portal would
include savings accounts, current accounts, fixed deposits, bill payments and
other retail banking products that ICICI Bank may offer through this on-line
channel.
The surge in demand for e-commerce related services stems from the rapid growth
in Internet penetration in the country and a fundamental change in the business
paradigm. The two companies would therefore also explore several opportunities
to complement each other's strengths to capitalise on the opportunities in
e-commerce. This would include providing a platform for trade facilitation and
payments over the Internet using innovative banking products of ICICI Bank.
SIFY has a buyer to seller ordering/selling website, SeekandSource.com, which
is on-line except for the payments that are still physical. ICICI Bank has
developed an Internet based `business to business' payment module for
purchasers and sellers to effect payments online. A synergistic offering of
these two products would be made so that such customers/users can complete the
entire transaction and payments online.
The two companies would expect to co-operate wherever feasible to extend the
reach and channels for distribution of financial products from ICICI Bank and
Internet products from SIFY. ICICI Bank, as a part of its "Click and Brick"
strategic focus would set up ATMs at the Satyam Access Points and Cyber Cafes,
thereby increasing its reach across the country. It would also offer Satyam
Internet terminals at its branches, enabling visitors to surf the Internet,
thereby attracting new customers to its branches.
The two companies shall examine further business opportunities, which would
effectively synergise the financial services strength of ICICI Bank and its
Affiliates and the technological expertise of Satyam Infoway and its
Affiliates. ICICI Bank and Satyam Infoway through this partnership, will play a
strategic role in providing revolutionary e-commerce solutions in India.
The memorandum of understanding was signed today between Mr. H.N Sinor,
Managing Director & CEO of ICICI Bank and Mr. R. Ramraj, Managing Director of
Satyam Infoway.
ICICI is a diversified financial services company offering a wide range of
products and services to corporate and retail customers in India. ICICI Bank, a
subsidiary company has been the pioneer of Internet banking in India. ICICI
Bank has been gearing itself for the opportunities that would be created from
the e-Commerce revolution.
Satyam Infoway Ltd. is the leading integrated Internet and e-commerce company
operating in India. SatyamOnline, the most comprehensive portal site of Indian
origin is one of the key offerings from SIFY in the business to consumer
segment. Recently it entered into an agreement to acquire IndiaWorld
Communications Private Limited, which would result in the integration of
IndiaWorld's
<PAGE>
popular websites like samachar.com, khel.com and khoj.com with SIFY's portals.
The combined portal would be the largest India related Internet portal.
Except for the historical information contained in this Press Release,
statements in this Press Release which contain words or phrases such as "will",
"would", "aim", "will likely result", "believe", "expect", "will continue",
"anticipate", "estimate", "intend", "plan", "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
alliance with SIFY, the actual growth in demand for Internet banking products,
Year 2000 risks, our growth and expansion, technological implementation of the
alliance and technological changes, 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.
December 15, 1999
For further investor queries:
Contact: Mr. Mohan Shenoi on +91-22-6531414 or email to [email protected]
END
