ICICI''s FDI Plan Gets DIPP Approval

NEW DELHI: ICICI Bank''s plan to pump in foreign investment in ICICI Financial Services has got a shot in the arm in the form of a green light from the department of industrial policy & promotion (DIPP). With the insurance division in the finance ministry and the Insurance Regulatory and Development Authority (Irda) too, backing the proposal, chances of early approval for the proposal appear brighter now. Though New York Life holds 26% stake in the JV, Warburg''s investment proposal was cleared by the Foreign Investment Promotion Board. In case of Max New York Life, the FIPB had ruled that foreign investment in the Indian promoter (Max India) should not be included in computing the foreign shareholding of the company. If the same rule in applied, ICICI Bank''s proposal could get clearance.