India approves $263m of overseas investment deals

22 August 2007

The Indian government has approved investment deals from overseas investors valued at $263 million.

The 20 deals were approved by Finance Minister Palanianppan Chidambrarm, according to a statement posted on the department's website.

Among the deals approved was ICICI Bank's plan to sell a 24 per cent stake in its insurance and funds unit, with Goldman Sachs rumoured to be among the potential bidders.

Approval was also given to US private equity firm Blackstone Group's unit Blackstone GPV Capital Partners Mauritius to invest $108 million in KR BPO services.

Meanwhile, Standard Chartered is now clear to acquire a 49 per cent stake in merchant banker UTI Securities for $35 million.

The stake sale undertaken by ICICI Bank, which is the country's second largest consumer lender, comes in what has already been a record year for fundraising on the part of the firm.

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