New Delhi, June 29: Goldman Sachs and its erstwhile partner, the Kotak group, are two of the biggest beneficiaries of the government’s latest batch of foreign investment approvals.

At a meeting of the Foreign Investment Promotion Board (FIPB) on June 13, the government approved foreign investment worth Rs 550 crore by Mauritius-based India Real Estate Fund Ltd in Kotak India Real Estate Fund-II. The Mauritius entity has been granted permission to invest up to 100 per cent in the units of the Sebi-approved venture capital fund.

Goldman Sachs, which sold its 25 per cent stake each in the broking and merchant banking ventures with the Kotak group back in March, has received clearance to establish a holding company for NBFC activities.

Goldman Sachs has been investing heavily in India over the past few months and the latest buzz is that it is in talks with ICICI to pick up a 7 to 8 per cent stake in the National Commodity and Derivatives Exchange (NCDEX) at a premium.

Among other approvals, VF Corporation, one of the largest apparel companies in the world and owners of brands like Lee and Wrangler, has obtained permission to establish a wholesale trading arm in Gandhinagar at an investment of Rs 8.2 crore.