FIPB To Look Into ICICI''s FDI Request Again On Aug 17

NEW DELHI: The Foreign Investment Promotion Board (FIPB) will on Aug 17, again looking in to ICICI Bank''s application for infusion of foreign funds into a holding company for its insurance venture. The board had earlier, on June 22, refused ICICI Bank''s proposal to disinvest 24% stake in ICICI Financial Services, the holding company for insurance business. It had refused the bank''s proposal on the ground that 2(g)(i) of Insurance Regulation and Development regulation does not allow a subsidiary company to be a promoter of insurance business. The board had sent its recommendations to finance minister P Chidambaram, who has sent back the proposal to FIPB for reconsideration.