NEW DELHI, Aug. 18 (Xinhua) -- Indian lender ICICI bank has won government approval to sell 24 percent of its stake in its subsidiary ICICI Financial Service to foreign players, the Economic Times said Saturday.
The bank's proposal, cleared by the Foreign Investment Promotion Board, will now go to Indian Finance Minister P. Chidambaram for final approval, the report said, citing official sources.
The ICICI will also be required to take clearance from the country's central Reserve Bank of India.
Goldman Sachs, Nomura and Sorus are main foreign investors that had been interested in buying stake in ICICI Financial Services, which has controlling stakes in insurance and asset management ventures.
