Joint News Release

Mumbai, September 13, 2000

ICICI announces Strategic Alliance with Rediff.com

Rediff.com to hold 10% equity stake in Traveljini.com, 5% equity stake in Billjunction.com-web sites, launched by ICICI

Mumbai, India, September 13, 2000: ICICI Limited (NYSE:IC), India's leading financial intermediary, today announced it will enter into a strategic alliance with Rediff.com India Limited (Nasdaq: REDF), one of India's leading Internet portals focusing on India and the global Indian community, to mutually strengthen and enhance their positions in the Internet space in India.

The alliance involves a multi-layered strategic relationship. Under the terms of the agreement, Rediff.com will take a ten percent (10%) equity stake in www.traveljini.com and a five percent (5%) equity stake in www.billjunction.com - in an all-cash transaction. Furthermore, both the above-mentioned Internet properties will be exclusive channels for travel and bill payment on the Rediff.com website. These properties will be paying channel partnership fees for being an exclusive channel partner in the above mentioned categories.

The arrangement is intended to benefit both parties - both web sites, Billjunction.com and Traveljini.com, will get an instant entry to Rediff.com's large customer base and Rediff.com users will gain immediate access to two valued online services.

www.traveljini.com is a comprehensive travel planning and booking site launched by ICICI in June 2000. www.billjunction.com, which allows customers to receive utility and other bills on the Internet itself and then allows them to make payments online, was launched by ICICI in May 2000.

About ICICI
ICICI is a leading financial service provider in India having expertise in the financial e-commerce domain and an extensive and growing retail presence. Besides e-enabling its various financial offerings, ICICI has also taken other Internet based initiatives such as investments in various e-commerce enabled portals, horizontal and vertical portals, technology and media companies, provision of electronic payment and other financial services. ICICI Bank offers Infinity - India's first internet banking service, I-Payment - closed loop internet payments for corporate customers, Payseal - India's first open payment gateway for enabling online transactions, ICICI Direct - first end-to-end web based integrated stock market trading site in India and facilitated banking transactions through mobile phones.

About Rediff.com
Founded in 1996, Rediff.com India Limited (Nasdaq: REDF) is one of the leading Internet portals, focussing on India and the global Indian community. Currently, Rediff.com's web site consists of interest specific channels, extensive community features, local language editions, sophisticated search capabilities and online shopping. Rediff.com also provides users extensive Internet community offerings, which include e-mail, chat, instant messaging and personal homepages, all tailored to Indian interests. Rediff.com has developed its offerings based on the demands and the requirements of its users. The company also has a U.S. edition of its site, with content relevant to the Indian community in the United States.

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 abilities to successfully implement the said strategic alliance, our portal 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, competition, acquisitions, attracting, recruiting and retaining highly skilled employees, law and regulatory policy and managing risks associated with customer projects, our exposure to market risks as well as other risks detailed in the reports filed by ICICI Limited and Rediff.com India Limited with the Securities and Exchange Commission of the United States. ICICI and Rediff.com undertake no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

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