The cabinet on Wednesday approved a foreign direct investment of $200 million in GMR Infrastructure's airport holding company by a group of private-equity firms, according to a government notification.

A unit of Standard Chartered PLC, Jacob Ballas and JM Financial Old Lane Capital will invest in GMR Airports Holding Ltd, the notification said.

IDFC-SSKI was the arranger to the transaction, said a source with direct knowledge of the transaction.

Last month, SBI Macquarie Infrastructure Investments, a private equity fund jointly owned by India's State Bank of India and Macquarie, invested $200 million in the company.

In April, GMR Infrastructure's group chief financial officer, Subbarao Amarthaluru, told Reuters that the company is looking to raise $150 million via private equity.

Private equity investments in India were up 38 percent in the first quarter of 2011 to $2.56 billion in 99 deals, according to a study by data provider,

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