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Change Management@ICICI

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Background Note

ICICI was established by the Government of India in 1955 as a public limited company to promote industrial development in India. The major institutional shareholders were the Unit Trust of India (UTI), the Life Insurance Corporation of India (LIC) and the General Insurance Corporation of India (GIC) and its subsidiaries. The equity of the corporation was supplemented by borrowings from the Government of India, the World Bank, the Development Loan Fund (now merged with the Agency for International Development), Kreditanstalt fur Wiederaufbau (an agency of the Government of Germany), the UK government and the Industrial Development Bank of India (IDBI).

The basic objectives of the ICICI were to
• assist in creation, expansion and modernization of enterprises
• encourage and promote the participation of private capital, both internal and external
• take up the ownership of industrial investment; and
• expand the investment markets.

Since the mid 1980s, ICICI diversified rapidly into areas like merchant banking and retailing. In 1987, ICICI co-promoted India's first credit rating agency, Credit Rating and Information Services of India Limited (CRISIL), to rate debt obligations of Indian companies.

In 1988, ICICI promoted India's first venture capital company – Technology Development and Information Company of India Limited (TDICI) – to provide venture capital for indigenous technology-oriented ventures. In the 1990s, ICICI diversified into different forms of asset financing such as leasing, asset credit and deferred credit, as well as financing for non-project activities. In 1991, ICICI and the Unit Trust of India set up India's first screen-based securities market, the over-the-counter Exchange of India (OCTEI).

In 1992 ICICI tied up with J P Morgan of the US to form an investment banking company, ICICI Securities Limited. In line with its vision of becoming a universal bank, ICICI restructured its business based on the recommendations of consultants McKinsey & Co in 1998. In the late 1990s, ICICI concentrated on building up its retail business through acquisitions and mergers. It took over ITC Classic, Anagram Finance and merged the Shipping Credit Investment Corporation of India (SCICI) with itself. ICICI also entered the insurance business with Prudential plc of UK. ICICI was reported to be one of the few Indian companies known for its quick responsiveness to the changing circumstances.

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Case Details

Case Code : HROB008
Themes: Change Management
Case Length : 10 Pages
Period : 1996-2002
Organization : ICICI
Pub Date : 2002
Teaching Note : Available
Countries : India
Industry : Financial Services

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