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Our Bureau

New Delhi, July 13 The Government is likely to complete the review of direct and indirect holding of foreign direct investments caps (in all sectors) by the end of this month.

Official sources indicated that the entire exercise, including a revision in the definition of indirect holding, is likely to be completed and forwarded to the Cabinet in the next two weeks.

The FIPB was keen that the Indian parties who do not have the right to sell shares (basically warehousing shares for others) should not be counted as indirect Indian holding for ascertaining the sectoral caps.

Meanwhile, FIPB, which met on Friday to consider various proposals, did not discuss ICICI Bank’s proposal to sell equity in ICICI Financial Services to foreign investors. Official sources said that the ICICI Bank issue did not form part of the agenda and was not taken up.

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