India's Foreign Investment Promotion Board (FIPB) has approved Japanese insurance company Tokio Marine increasing its stake in its Indian joint venture Edelweiss Tokio Life Insurance from 26 percent to 49 percent, the company announced on Wednesday.
"The approval is a reinforcement of Tokio Marine's long term commitment to India and to Edelweiss Tokio Life Insurance. We are committed to build a high quality and well capitalised business with strong support from Tokio Marine," said Edelweiss Tokio Life MD and CEO Deepak Mittal in a statement.
Edelweiss Tokio Life Insurance is a joint venture between diversified financial services company Edelweiss Financial Services and 135-year-old insurance company Tokio Marine Holdings.
The company wants to deploy the fresh Foreign Direct Investment (FDI) for product design and new technology, Mittal said.
Started in 2011, Edelweiss Tokio Life Insurance has a network of 60 branches in 50 Indian cities with 10,000 personal financial advisors, the statement added.
--Indo-Asian New Service
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