ICICI has increased the number of its subsidiaries to 31 in fiscal 2000-01 from 18 in the previous year. The financial institution has the distinction of having the maximum number of subsidiaries.
The increase in subsidiaries is primarily due to the acquisition by ICICI Infotech of three US-based companies and of its insurance foray.
Other than the insurance companies, it had also started two new subsidiaries -- ICICI Eco-Net and ICICI Global Opportunities Fund. However, all these four subsidiaries have incurred a loss in the current year amounting to Rs 19.57 crore.
More From This Section
This increase in subsidiaries comes even as ICICI Bank ceased to be the financial institution's subsidiary this year following dilution of the latter's stake to below 50 per cent.
ICICI Eco-Net was appointed as investment manager of ICICI Eco-Net Fund, a venture capital fund which is registered with the Securities and Exchange Board of India. It has made a loss of Rs 86 lakh in fiscal 2001.
The fund had launched a scheme to incubate ventures such as Payseal, a payment gateway, billjunction.com, traveljini.com and cafenetworks.com. The company has, however, ceased to be the investment manager of the fund from April 1, 2001, but it would continue to incubate ventures in the Internet.
ICICI Global Opportunities Fund invests in high growth knowledge-based industry sectors in India and abroad. The fund had received a capital commitment of $25 million and till March 31, 2001, it had drawn down $22 million. The fund has made a loss of Rs 2.33 crore for the period.
ICICI Prudential Life Insurance Company Ltd, which is a 74:26 joint venture with Prudential of the UK and is capitalised at Rs 150 crore, has reported a profit of Rs 22.6 lakh. The company launched its commercial operations on December 19, 2000.
ICICI Lombard General Insurance Company Ltd, which is a 74:26 venture with Canada-based Lombard and is capitalised at Rs 110 crore, is yet to receive approval for commencing operations from the Insurance Regulatory and Development Authority. It reported a loss of Rs 1.26 crore.