News: Cabinet oks ICICI Ventures to raise $750 mln

(RTR 06/04/2006) New Delhi - The cabinet has allowed ICICI Venture Funds Management Co. Ltd. to raise $750 million from non-resident Indians, persons of Indian origin and foreign investors, an official said on Thursday.

The company would be allowed to use the funds for investments only in sectors where foreign direct investment is permitted by the Indian government.

ICICI Ventures is a subsidiary of ICICI Bank Ltd. and is one of the largest private equity and venture capital management companies, managing about $650 million.