Cabinet nod to ICICI Ventures to raise 750 million dollars

New Delhi, Apr 5 (UNI) The Cabinet Committe on Economic Affairs today gave its approval for ICICI Venture Funds Management Company Ltd, Bangalore, to raise 750 million dollars by way of issue of unit capital on a repatriable basis from non-resident Indians, Persons of Indian Orgin and Foreign Investors.

Briefing reporters after the CCEA meeting Defence Minister Pranab Mukherjee said the Company has also been given the nod by the cabinet to utilise the proceeds for investments only in the sectors permitted by FDI policy and also observe the sectoral caps.

But making loans, leveraged buy outs and investment in retail sector would not be permissible.

The total inflow of foriegn investment as a result of the infusion of aditional equity capital is upto Rs 3375 crore.

UNI RT TM RK2051