News Release

July 18, 2000

In a landmark transaction for Indian issuances abroad, ICICI Limited (NYSE: IC), India's leading financial services provider today signed a loan syndication agreement concluding a $100m five-year foreign currency borrowing at a record rate of 80 basis points above the three-month LIBOR. The pricing is the finest for a five year Indian paper since the recent meltdown in the Asian markets and is expected to set a new benchmark for foreign currency issues by highly rated Indian corporates/ institutions.

In another first for India, the loan syndication was conducted online by Bank of America Asia, the lead arrangers for the loan. This is only the second time in Asia that a syndication deal has been attempted over the Internet. Use of the Internet allowed for wider dissemination of the loan information memorandum and other loan documents, and enabled better interaction between the lead arrangers and the investing banks.

The loan was subscribed by 12 International banks, mainly from Europe, Japan and rest of Asia. The issue, initially for 75m, received encouraging response from subscribing banks and necessitated the exercise of the greenshoe option of $25m. The loan has a five year bullet repayment.

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 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.