The company has already invested $250 million in around 300 companies in India and overseas during fiscal '99-2000.

Jayachander told the eFE that the entire chunk of the fresh funds would be utilised during the current financial year. Segments like retail, services or businesses that have a brand equity and a proper mix of off-and-online exposure would be preferred for the investment, he said.

``Close to $50 million would be invested overseas in companies that have strong Indian connection or possible domestic connections,'' said Jayachander.

On the recent apprehension among venture capital firms in funding dotcom startups in view of the unrealistic valuation, he said the company had been evaluating projects based on their merits and `cashability' of the idea. ``We have not refocused our strategy or changed our approah drastically considering the apprehensions,'' he said. However, he said, ``It may be correct, prior to Nasdaq and NSE fall, valuations were quite unrealistic.'' He said the company had a very strong strategy. ``We look at strong revenue models, sturdy management team, highly scaleable business both in India and overseas and value proposition to the customer,'' said Jayachander.

Recently ICICI opened an incubation centre to assist entrepreneurs at its Bangalore premises. With a view to assist entrepreneurs with ideas and business models, the company was also planning to work in association with various training and educational institutions including IIMs, IITs, IISc, MIT, IIIT. Currently, ICICI is in talks with these organisations and in the process of chalking out various plans to help the entrepreneur community, he said.

Jayachander said, ``Anyone with a commecially saleable idea will be entertained by us.'' The entreprenuers would be allowed to use ICICI's incubation infrastructure for a period of three to six months.

The company was also looking at the Middle East and Far East for similar tie-ups with universities and trade bodies, he said.

Jayachander said the company was aiming to become one of the largest equity players with significant presence in US and Japan. ``Plans are on to have presence in other emerging markets where we can leverage our existing leads for potential companies in Japan, China and Europe. We will also look at strategic network of value-added partnership to build the enterprise,'' he said.

Commenting on the role of VCs in the new economy, Jayachander said, ``They will drive the new economy by facilitating a breeding ground for entrepreneurs."