The Hindu Business Line : ICICI Bank may renew efforts for FIPB nod

Mumbai June 24 ICICI Bank has said that it would take further steps to obtain Government approval for foreign investments in its investment holding subsidiary. The bank, however, said that there could be no assurance that it would get the requisite approval.

The bank said it understands that the Foreign Investment Promotion Board (FIPB) had earlier rejected its proposal for seeking foreign investment in that company.

The FIPB approval would indirectly increase the foreign equity in the insurance venture beyond the prescribed limit of 26 per cent. The bank said it had received definitive offers from foreign investors for equity participation in the holding company.

The bank has set up a new subsidiary by transferring its equity investments in insurance and asset management businesses. The bank said its inability to implement its plan to raise capital in this subsidiary could adversely impact the growth of the insurance business.

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ICICI Bank may renew efforts for FIPB nod