According to sources, the company has filed an application with the government for the sale of equity and the request has been approved by the Ministry of Information Technology, Department of Economic Affairs and Foreign Investment Promotion Board. However, the proposal is still awaiting clearance from Commerce and Industry ministries. The move is followed by the ICICI's decision to divest around 25 per cent equity in its IT venture. According to sources, the proceeds from the equity sale would be used to retire debt raised to finance acquisitions by ICICI Infotech beside funding regular business needs.

ICICI Infotech has acquired three IT companies in recent past including Rohan Software, a software development company engaged in banking and financial services and two US-based software service companies - Ivory Consulting and Object Xperts.

Emirates Merchant Bank, a company incorporated under the laws of Bahamas, is a part of the UAE-based Emirates Bank, a financial service conglomerate. The group is not new to ICICI Infotech as the company has tied up with the group to set up a 50:50 venture --Tricolour Infotech International. The joint venture will be based in Mauritius having operating office in Dubai. The object of tech company would be tapping the Middle East markets for software development.