Japanese insurance company Nippon Life Insurance, Tata AIA and Aviva Life were among the 15 companies whose foreign direct investment proposals totalling Rs 7,262 crore have been permitted by the FIPB.
Moreover, the proposal of YES Bank to raise the foreign investment limit to 74 per cent from existing 41.87 percent without any limits has been referred to the Cabinet Committee on Economic Affairs (CCEA).
As per the recommendations of the Foreign Investment Promotion Board (FIPB) during a meeting that was held on March 7, the government has permitted 15 FDI proposals involving Rs 7,261.6 crore and suggested one application for approval of CCEA involving FDI of Rs 6,885 crore, a Finance Ministry statement said.
The Board also permitted the offer of Taurus Ventures for issuance of shares to the shareholders of Max India pursuant to a demerger of Max India Ltd. The offer of Nippon Life to hike stake in Reliance Life Insurance from 26 percent to 49 percent for Rs 2,265 crore was permitted by the board.
Also, Tata AIA Life Insurance Company’s proposal to raise AIA International’s stake from 26 percent to 49 percent that is around Rs 2,055 crore was also cleared by the board.