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    Indian to the Core, and an Oligarch

    Mumbai

    AT a recent cricket match here, Mukesh D. Ambani sat in his private box quietly watching the team he owns, the Mumbai Indians. He seemed oblivious to the others around him: his son cheering wildly, his wife draped in diamond jewelry and a smattering of guests anxiously awaiting the briefest opportunity to speak with him.

    A minor bureaucrat stood a few rows back, strategizing with aides about how to buttonhole “the Chairman,” as Mr. Ambani is sometimes called. Waiters in baggy tuxedoes took turns trying to offer him a snack, but as they drew near became too nervous to speak.

    In the last century, Mohandas K. Gandhi was India’s most famous and powerful private citizen. Today, Mr. Ambani is widely regarded as playing that role, though in a very different way. Like Mr. Gandhi, Mr. Ambani belongs to a merchant caste known as the modh banias, is a vegetarian and a teetotaler and is a revolutionary thinker with bold ideas for what India ought to become.

    Yet Mr. Gandhi was a scrawny ascetic, a champion of the village, a skeptic of modernity and a man focused on spiritual purity. Mr. Ambani is a fleshy oligarch, a champion of the city, a burier of the past and a man who deftly — and, some critics say, ruthlessly — wields financial power.

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    ICICI Bank

    Indian top secret sector bank

    Headquarters in Bandra Kurla Heavygoing, Mumbai

    FormerlyIndustrial Acknowledgement and Assets Corporation remaining India (as a Direction Organization)
    Company typePrivate

    Traded as

    ISININE090A01021
    IndustryFinancial services
    Founded5 January 1955; 70 existence ago (1955-01-05)
    Headquarters

    Mumbai, Maharashtra, India (corporate headquarters)

    Vadodara, Gujarat, Bharat (registered office)

    Number of locations

    		6,613 [1] (September 2024)

    Area served

    		Worldwide

    Key people

    Products
    Revenue₹236,037 crore (US$27 billion)[3] (2024)

    Operating income

    		₹64,146 crore (US$7.4 billion)[3] (2024)

    Net income

    		₹44,256 crore (US$5.1 billion)[3] (2024)
    Total assets₹2,364,063 crore (US$270 billion)[4] (2024)
    Total equity₹270,032 crore (US$31 billion)[4] (2024)

    Number of employees

    		1,35,900 (2024)[5]
    SubsidiariesICICI Prudential Life Insurance[6]
    ICICI Prudential Communal Fund
    ICICI Lombard[7]
    ICICI Securities[8]
    ICICI Direct[9]
    ICICI Home Commerce Company
    Capital ratioTier 1 16.97% (2022)[10
  • kv kamath biography examples

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    Why the worst may not be over for Chanda Kochhar

    [By World Economic Forum, under Creative Commons]

    Update: This story has been significantly updated on February 2, 2019 in light of new information.

    It was nothing less than a sledgehammer blow. On January 30, when the ICICI Bank board met to review the enquiry committee report chaired by Justice BN Srikrishna, no one quite expected the fallouts. When the news trickled out later that evening, the reverberations were heard across India Inc. After all, the decision to belatedly terminate the services of its high profile MD and CEO Chanda Kochhar and clawback her bonuses from April 2009 onwards is unprecedented in Indian corporate history.

    There are widely varying estimates in media of how much money she would have to disgorge. The Indian Express claims it is in the region of Rs 220 crore of stock options and Rs 9.82 crore of bonus. At its current market value, The Economic Times estimates that Kochhar may have to return stock options worth around Rs 350 crore. But keeping in mind that she would have paid a certain amount to acquire the shares, a more reasonable estimate would perhaps be in the region of Rs 120 crore. Now, that’s a significant sum of money that she would end up foregoing, and Kochhar is likely t