Edelweiss Tokio Life Insurance files FIPB application for foreign stake hike to 49%

Private life insurer Edelweiss Tokio Life Insurance has filed an application with the Foreign Investment Promotion Board (FIPB) for increasing stake of its JV partner Tokio Marine from 26% to 49% in the company.

Edelweiss Tokio Life Insurance is a joint venture between Edelweiss Financial Services and Tokio Marine Holdings.

Fair trade regulator Competition Commission of India has cleared AXA's proposal to hike its stake from 26% to 49% in its two insurance ventures with Sunil Mittal led Bharti Group, Bharti AXA Life Insurance and Bharti AXA General Insurance.

In May 2015, Foreign Investment Promotion Board (FIPB) had approved the two deals worth Rs 1,290 crore.