SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  Schedule 13G

                    Under the Securities Exchange Act of 1934
                                (Amendment No. )


                            Delco Remy Int'l Inc.
          ------------------------------------------------------------
                                (Name of Issuer)


                                  Common Stock
          ------------------------------------------------------------
                         (Title of Class of Securities)


                                   246626 10 5
                      ------------------------------------
                                 (CUSIP Number)


----


Check the following box if a fee is being paid with this statement [X]. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                        (Continued on following page(s))

                                Page 1 of 7 Pages

<PAGE>

  ---------------------                                        -----------------
  CUSIP No. 246626 10 5                    13G                 Page 2 of 7 Pages
  ---------------------                                        -----------------

--------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                 Citicorp                  13-2614988

--------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *

       (a)_______


       (b)_______

--------------------------------------------------------------------------------
  3    SEC USE ONLY

--------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

              Delaware
--------------------------------------------------------------------------------
                       5   SOLE VOTING POWER
     NUMBER OF
                                None
       SHARES
                     -----------------------------------------------------------
                       6   SHARED VOTING POWER
    BENEFICALLY
                                None
      OWNED BY
                     -----------------------------------------------------------
                       7   SOLE DISPOSITIVE POWER
        EACH
                                None
     REPORTING
                     -----------------------------------------------------------
                       8   SHARED DISPOSITIVE POWER
       PERSON
                                None
        WITH
--------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       None, except through its wholly-owned subsidiary, Citibank, N.A., and its
       wholly-owned subsidiary, Citicorp Venture Capital Ltd.

--------------------------------------------------------------------------------
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *


--------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                See Line 9, above

--------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                 HC

--------------------------------------------------------------------------------
                      * SEE INSTRUCTION BEFORE FILLING OUT!


<PAGE>

  ---------------------                                        -----------------
  CUSIP No. 246626 10 5                    13G                 Page 3 of 7 Pages
  ---------------------                                        -----------------

--------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                CITIBANK, N.A.                 13-5266470

--------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *

       (a)_______


       (b)_______

--------------------------------------------------------------------------------
  3    SEC USE ONLY



--------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

              A National Banking Association

--------------------------------------------------------------------------------
                       5   SOLE VOTING POWER
     NUMBER OF
                                    *
       SHARES
                     -----------------------------------------------------------
                       6   SHARED VOTING POWER
    BENEFICALLY
                                    *
      OWNED BY
                     -----------------------------------------------------------
                       7   SOLE DISPOSITIVE POWER
        EACH
                                    *
     REPORTING
                     -----------------------------------------------------------
                       8   SHARED DISPOSITIVE POWER
       PERSON
                                    *
        WITH
--------------------------------------------------------------------------------
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      None except through its wholly-owned subsidiary, Citicorp Venture Capital.

--------------------------------------------------------------------------------
  10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *

--------------------------------------------------------------------------------
  11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

      * See Line 9, above.

--------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                  BK

--------------------------------------------------------------------------------
                      * SEE INSTRUCTION BEFORE FILLING OUT!


<PAGE>

  ---------------------                                        -----------------
  CUSIP No. 246626 10 5                    13G                 Page 4 of 7 Pages
  ---------------------                                        -----------------

--------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                CITICORP VENTURE CAPITAL LTD.                13-2598089

--------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *

       (a)_______


       (b)_______

--------------------------------------------------------------------------------
  3    SEC USE ONLY



--------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

              New York

--------------------------------------------------------------------------------
                       5   SOLE VOTING POWER
     NUMBER OF
                           3,190,683
       SHARES
                     -----------------------------------------------------------
                       6   SHARED VOTING POWER
    BENEFICALLY
                           NONE
      OWNED BY
                     -----------------------------------------------------------
                       7   SOLE DISPOSITIVE POWER
        EACH
                           3,190,683
     REPORTING
                     -----------------------------------------------------------
                       8   SHARED DISPOSITIVE POWER
       PERSON
                           NONE
        WITH
--------------------------------------------------------------------------------
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      3,190,683

--------------------------------------------------------------------------------
  10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *


--------------------------------------------------------------------------------
  11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

      19.85%

--------------------------------------------------------------------------------
  12  TYPE OF REPORTING PERSON *

      CO

--------------------------------------------------------------------------------
                      * SEE INSTRUCTION BEFORE FILLING OUT!


<PAGE>

                                                               Page 5 of 7 Pages

SCHEDULE 13G

Item 1(a) Name of Issuer:                Delco Remy Int'l Inc.

Item 1(b) Address of Issuer's Principal  2902 Enterprise Drive
                                         Anderson, IN 46013

Item 2(a) Names of Persons:              Citicorp and its wholly-owned
                                         subsidiary,
                                         Citibank, N.A., and those subsidiaries
                                         checked below:

                                         __X__ Citicorp Venture Capital Ltd., a
                                         wholly-owned subsidiary of
                                         Citibank, N.A.

                                         _____ 339 Venture Partners, Inc., a
                                         wholly-owned subsidiary of
                                         Citibank, N.A.

Item 2(b) Address of Principal
          Business Office:               Citicorp
                                         Citibank, N.A.
                                         Citicorp Venture Capital Ltd.
                                         399 Venture Partners, Inc.
                                         399 Park Avenue
                                         New York, N.Y. 10043

Item 2(c) Citizenship:                   Citicorp: Delaware;
                                         Citibank, N.A.: A national banking
                                           association.
                                         Citicorp Venture Capital Ltd.:New York
                                         399 Venture Partners, Inc.:Delaware

Item 2(d) Title of Class of Securities:  Common Stock

Item 2(e) CUSIP Number:                  246626 10 5

Item 3 The persons filing this Schedule pursuant to either Rule 13d-1(b) or
       Rule 13d-2(b) are:

       Citicorp:                         (g) Parent Holding Company, in
                                         accordance with ss.240.13d-1 (b) (ii)
                                         (G).
       Citibank, N.A.:                   (b) Bank as defined in ss.3 (a)(6) of
                                         the Act;

                                         and those subsidiaries checked below:
                                         __X__ Citicorp Venture Capital Ltd.:
                                                  Corporation.
                                         _____ 339 Venture Partners, Inc.:
                                                  Corporation.

<PAGE>

                                                               Page 6 of 7 Pages


Item 4 Ownership

        (a)   Total Amount Beneficially Owned:  3,190,683

        (b)   Percent of Class:                 19.85%

        (c)   Total Number of Shares as to which such persons have:

              (i)    sole power to vote or to direct the vote  3,190,683

              (ii)   shared power to vote or to direct     None

              (iii)  sole power to dispose or to direct the disposition of
                     3,190,683

              (iv)   shared power to dispose or to direct the disposition of

                     None

Item 5 Ownership of Five Percent or Less of a Class:

       (x)  Not applicable.

       (_)  This statement is being filed to report the fact that as of December
            31, 1997, the reporting persons had ceased to be the beneficial
            owners of more than five percent of the securities described.

Item 6 Ownership of More than Five Percent on Behalf of Another Person:

            None

Item 7 Identification and Classification of the Subsidiary Which Acquired
       the Security Being Reported on by the Parent Holding Company:

            See Items 2(a) and 3.

Item 8 Identification and Classification of Members of the Group:
       Not applicable.

Item 9 Notice of Dissolution of Group: Not applicable.

<PAGE>

                                                               Page 7 of 7 Pages


Item 10     Certification: By signing below I certify that, to the best of my
            knowledge and belief, the securities referred to above were acquired
            in the ordinary course of business and were not acquired for the
            purpose of and do not have the effect of changing or influencing the
            control of the issuer of such securities and were not acquired in
            connection with or as a participant in any transaction having such
            purposes or effect.

            Signature: After reasonable inquiry and to the best of my knowledge
            and belief, I certify that the information set forth in this
            statement is true, complete and correct.

            Note: Signatures below are for Citicorp and Citibank, N.A., and
            those subsidiaries holding the issue, indicated by check below. All
            data shown are as of December 31, 1997.

            February 13, 1998   CITICORP
            Date
                                By: /S/George E. Seegers
                                   ----------------------------------------
                                       George E. Seegers
                                       Assistant Secretary, Citicorp

                                CITIBANK, N.A.

                                By: /S/George E. Seegers
                                   ----------------------------------------
                                       George E. Seegers
                                       Vice President, Citibank N.A.


                                CITICORP VENTURE CAPITAL LTD.

                                By: /S/Helen B. Shavin
                                   ----------------------------------------
                                       Helene B. Shavin
                                       Assistant Vice President,

                                399 VENTURE PARTNERS, INC.

                                By: 
                                   ----------------------------------------
                                       Helene B. Shavin
                                       Assistant Vice President,



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  Corporate Secretary