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Non-Tech : ICICI Ltd - (Nyse: IC)

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To: Mohan Marette who wrote (365)	3/13/2000 9:11:00 AM
From: Mohan Marette	Read Replies (1) of 494

IndusInd decides to make a foray into Internet trading indusind.com hindujagroup.com IndusInd Bank has decided to enter into Internet trading through its IT subsidiary IndusInd Infotech for which the board is believed to have given its approval last week. The subsidiary will create a B2B e-commerce platform for not only IndusInd Bank and other group company's clients but also for other smaller regional bank's clients. The subsidiary will be formally announced shortly. The bank targets of setting up 300 shared ATM switches. Sources said, initially the concentration would be on application and implementation of software. They plan to get into the development of software at a later stage. The Hinduja has stressed to take care of the payments related areas as the bank has been a major player in the in the convergence sector. However, the Bank's management has decided to float a separate entity, which will do the implementation of the e-commerce platform which is being sought to be created. The Bank holding a depository participant licence, would be able to provide a common platform for execution and settlement of trades. The premier lending institution, ICICI was the first in this regard and offers broking, cash and share settlement functions under on roof and all through the Internet. "The IT subsidiary will take care of the e-commerce platform. We have sought some approvals and once these come through we will make a formal announcement on the plans," said the source. " The B2B platform will assist clients of the Bank and the group as well by linking up dealers and suppliers. At the same time we also plan to allow other regional banks to avail of our platform. We will also be targeting setting up about shared ATM switches and will work together with other banks to ensure transactions across the country," said the source. The promoters (Hindujas) are consolidating their business off late. Hinduja Finance has picked up a stake in Pacific Internet India Ltd through its subsidiary in2cable.com. This joint venture will be setting up B2C portals. The portal will also transfer Internet over cable television. Source : MI Mar 13, 2000

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