Following the approval, the bank can now offload up to 24 per cent in ICICI Financial Services, which is a holding company for its four existing subsidiaries including those engaged in insurance business —ICICI Prudential Life and ICICI Lombard.
ICICI Bank has already received the necessary go-ahead from insurance regulator — Irda.
The FDI plans, cleared by Finance Minister P Chidambaram also includes Blackstone Mauritius’ proposal to acquire shares in Delhi-based SKR BPO Services for Rs 447.20 crore.
Mr Chidambaram, however, rejected the investment proposal of Mauritius-based Passport India Investments and deferred decisions on five others, including those of Rajasthan Leather Industries, UK-based Kazstroy Services Plc, Braitrim India Pvt Ltd, E-18 Ltd and NRI Bhupendra Kumar Modi.
Delhi SE plan
The government also cleared proposals of foreign firms picking up 5 per cent each in Delhi Stock Exchange for a total consideration of Rs 42.44 crore.
These firms are Mauritius-based Wilmette Holdings, Kuwait’s Noor Financial Investment, Ikarus Industrial Petroleum Company and Kuwait Privatisation Projects Holding Company.
Other major FDI proposals include AAPC Hotel Management Pte and Japan-based Prime Polymer Co Ltd involving investment of Rs 120 crore and Rs 61.60 crore respectively.
AAPC Hotel would set up a JV company and enter into hotel management contract.