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Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (186)	2/17/2000 9:07:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

ICICI picks McKinsey for dotcom thrust (Friday, February 18, 2000) Sangita Mehta & Amit Prasad in Mumbai ICICI Ltd has appointed McKinsey & Co as consultant for the formulation of its e-strategy. The entire ambit of ICICI's dotcom strategy would be reviewed and future course for every new Internet initiative to be adopted would be charted in the process. According to senior ICICI officials, the course of action undertaken by financial service providers the world over would be taken into account. "Its relevance in the Indian context would then be weighed before the recommendations are made. Gaining eyeballs would be a major concern in this context," said an ICICI official. A team of IT professionals from ICICI would be participating in the discussions with the consulting agency. McKinsey would also be forming a steering committee which would work on the various concepts developed and recommend definite strategies in all the relevant areas. In order to ensure that the whole process does not take too much time the financial institution has decided to immediately implement each recommendation as it is made. "Greater efficiency is likely to be achieved through this route rather than the traditional format of waiting for all recommendations before implementation," said the ICICI official. It may be recalled that McKinsey had been appointed consultant for organisational restructuring of the financial institution in 1997-98. ICICI has adopted an aggressive approach to Internet by launching various "business to business" and "business to consumer" initiatives. It has planned to float a new holding company for all its dotcom ventures which would be a 100 per cent subsidiary of the financial institution. "We would also be providing open loop platforms in the near future which would allow more flexibility for both our B2B and B2C customers. The consultants would be providing a strategy to be formed for each of these initiatives as well," said an ICICI official. The financial institution has also tied up with Satyam Infoway for a joint venture in for running its payment gateway as well as for e-commerce. Compaq has been roped in to provide both hardware as well as software for their systems. ICICI would soon be launching a site for web trading called icicidirect.com and a site for property retailing called indiahomeseek.com. -The Business Standard.