ICICI Bank 2003 Annual Report Download - page 25
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23
Business Overview
Effective fiscal 2004, we have restructured our treasury operations to separate the balance
sheet management function (which now forms part of the Finance Group), the corporate
markets business (which has been integrated into the Structured Finance, Credit & Markets
Group) and the proprietary trading activity (which is now housed in a separate Proprietary
Trading Group).
Project Finance and Special Assets
Our project finance activities include financing new projects as well as capacity additions in
the manufacturing sector and structured finance to the infrastructure sector and oil, gas and
petrochemical sectors. Our project finance business is focused on structuring and syndication
of financing for large projects by leveraging our expertise in project financing, and churning
our project finance portfolio to prevent portfolio concentration and to manage portfolio risk.
We view our role not only as providers of project finance but also as arrangers and facilitators,
creating appropriate financing structures that may serve as financing and investment vehicles
for a wider range of market participants.
Infrastructure Sector
In the infrastructure sector, growth is largely determined by the policy guidelines, regulatory
framework, long-term sectoral viability and the reforms agenda. The telecommunications
industry has been witnessing rapid growth over the last couple of years, driven primarily by
the mobile telephony segment. The road sector has also witnessed significant activity,
particularly on account of the highway projects of National Highway Authority of India (NHAI)
which, along with large state-level projects, are expected to drive growth in the coming years
as well. Going forward, we expect the airports, ports and urban infrastructure sectors, to
provide significant business opportunities. In the airport sector, there are currently two green-
field international airports proposed in Hyderabad and Bangalore, and ICICI Bank is playing
a key role in both projects. With the corporatization of major ports, emergence of active
minor ports and increasing containerization of cargo, there are promising business prospects
in the port sector, especially in the area of private terminal infrastructure. We also expect
investment activity in urban infrastructure in the medium term, as much-needed reforms are
being initiated by the Central and various state Governments. The power sector is expected
to benefit from the implementation of comprehensive reforms, driven by the recent enactment
of the Electricity Act, leading to business opportunities in distribution and in select generation
projects, especially hydro-based projects. ICICI Bank will focus on leveraging its origination
capabilities to structure and syndicate project financing.