ICICI Bank 2012 Annual Report Download - page 143

F65
forming part of the Consolidated Accounts (Contd.)
Sr.
no.
Name of the entity4Country of
incorporation
Nature of
relationship
Nature of business Ownership
interest
schedules
13. ICICI Prudential Pension Funds Management
Company Limited
6
India Subsidiary Pension fund management 100.00%
14. ICICI Eco-net Internet and Technology Fund India Consolidated as
per AS 21
Venture capital fund 92.12%
15. ICICI Equity Fund India Consolidated as
per AS 21
Unregistered venture capital fund 100.00%
16. ICICI Emerging Sectors Fund India Consolidated as
per AS 21
Venture capital fund 99.31%
17. ICICI Strategic Investments Fund India Consolidated as
per AS 21
Unregistered venture capital fund 100.00%
18. ICICI Kinfra Limited India Consolidated as
per AS 21
Infrastructure development
consultancy
76.00%
19. ICICI Venture Value Fund India Consolidated as
per AS 21
Unregistered venture capital fund 54.35%
20. I-Ven Biotech Limited India Consolidated as
per AS 21
Investment in research and
development of biotechnology
100.00%
21. ICICI Prudential Life Insurance Company
Limited
1
India Jointly
controlled entity
Life insurance 73.86%
22. ICICI Lombard General Insurance Company
Limited
1
India Jointly
controlled entity
General insurance 73.44%
23. ICICI Prudential Asset Management
Company Limited
1
India Jointly
controlled entity
Asset management company for
ICICI Prudential Mutual Fund
51.00%
24. ICICI Prudential Trust Limited
1
India Jointly
controlled entity
Trustee company for ICICI
Prudential Mutual Fund
50.80%
25. TCW/ICICI Investment Partners Limited
2
Mauritius Jointly
controlled entity
Asset management 50.00%
26. Rainbow Fund
3
India Associate Unregistered venture capital fund 23.98%
27. Financial Inclusion Network & Operations
Limited
3
India Associate Support services for financial
inclusion
27.26%
28. I-Process Services (India) Private Limited
3,5
India Associate Services related to back end
operations
19.00%
29. NIIT Institute of Finance Banking and
Insurance Training Limited
3
India Associate Education and training in banking
and finance
18.79%
30. ICICI Merchant Services Private Limited
3
India Associate Merchant servicing 19.00%
31. Mewar Aanchalik Gramin Bank
3
India Associate Banking 35.00%
1. The financial statements of these jointly controlled entities have been consolidated as per AS 21 on ‘consolidated financial statements’
consequent to the limited revision to AS 27 on ‘financial reporting of interests in joint ventures’.
2. The entity has been consolidated as per the proportionate consolidation method as prescribed by AS 27 on ‘financial reporting of
interests in joint ventures’.
3. These entities have been accounted as per the equity method as prescribed by AS 23 on ‘accounting for investments in associates in
consolidated financial statements’.
4. During the quarter ended December 31, 2011, Prize Petroleum Company Limited ceased to be an associate and accordingly has not
been accounted as per the equity method as prescribed by AS 23.
5. During the quarter ended December 31, 2011, I-Solutions Providers (India) Private Limited has been amalgamated with I-Process
Services (India) Private Limited and therefore ceased to be an associate. Accordingly, it has not been accounted as per the equity
method as prescribed by AS 23.
6.
ICICI Prudential Pension Funds Management Company Limited is a wholly owned subsidiary of ICICI Prudential Life Insurance Company Limited.
The financial statements of Comm Trade Services Limited have not been consolidated under AS 21, since the investment is
temporary in nature.
The financial statements of 3i Infotech Limited (3i Infotech) had not been consolidated under AS 23 till the year ended
March 31, 2011, since the ICICI Group’s holding in 3i Infotech was temporary in nature. During the year, 3i Infotech was referred
to the Corporate Debt Restructuring (CDR) Cell for restructuring of debt under the CDR scheme. Based on the approved CDR
package, the holding of ICICI Group will increase from the current holding of 20.3%. Based on the continued intention of ICICI
Group to reduce its stake below 20.0% in the near future and the restructuring arrangement, which provides for severe long-
term restrictions, the results of 3i Infotech will continue not to be consolidated for the year ended March 31, 2012 as per AS 23.