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

To: Mohan Marette who wrote (211)	2/22/2000 10:46:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

IDBI (Industrial Development Bank of India) to buy dotcom cos in IT push idbibnk.com idbi.com (Wednesday, February 23, 2000) Our Banking Bureau in Mumbai The Industrial Development Bank of India (IDBI) is eyeing the acquisition of established dotcom companies, which would be merged with IDBI Intech Ltd, the wholly owned IDBI infotech subsidiary. Disclosing this, senior IDBI officials said, "IDBI Intech would be open to buyout of good dotcom companies for its own expansion." At the same time, IDBI has appointed international consultancy firm Arthur Andersen for advice on the financial institution's e-strategy. The consultant will chart out the roadmap that IDBI should adopt with reference to the strategies adopted by international financial companies in the infotech segment, top sources said. The institution has recently announced plans to float a 100 per cent owned subsidiary IDBI Intech Ltd, which would focus on information technology and the board had cleared this proposal on January 31. IDBI Intech will have an authorised capital of Rs 100 crore and a paid-up capital of Rs 50 crore. The company will undertake activities like e-commerce, portals, shared services and, later on, enter into Internet access, implementation support, product customisation and training. The IT company is expected to commence operations by the end of this financial year, said IDBI officials. The focus would initially be on B2B (business-to-business) and eventually move on to B2C (business-to-customer). IDBI officials said that eventually it will look for a joint venture partner for the IT company which could be either a foreign or a domestic infotech company. It may be recalled that IDBI had earlier appointed Arthur Andersen for better asset-liability management. -Business Standard