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Non-Tech : ICICI Ltd - (Nyse: IC)
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To: stock4U who wrote (70)2/7/2000 8:15:00 PM
From: Mohan Marette   of 494
 
ICICI may have bigger Web plans

(Tuesday, February 8, 2000)

Amit Prasad & Vivek Law in Mumbai

ICICI Ltd has given the first indication that it may not restrict itself to distributing just financial services products in the future. The financial institution is in the preliminary stages of outlining a plan to set up a web-shopping plaza to enable subscribers to its recently launched credit card to shop through ICICI.

In addition to this, the financial services giant is also planning to venture into advisory services for retail investors which will synergise with its plans to offer a Web-based trading and settlement facility.

"We have launched our credit card through the Net. At the same time, we are creating a payment gateway. Plans are also afoot to offer a host of retail products through the Net. At some point of time these functions being developed independently will logically converge. Moreover, the credit card will be offered to ensure that subscribers can shop through it. Therefore, there is a feeling that if we can offer the platform for our subscribers to shop, it may synergise with the credit card product. But this is still in an idea stage," said an ICICI source. However, given ICICI's recent track record of launching products within 90 days of the idea being generated the change may happen faster than imagined.

business-standard.com
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