French insurer AXA has reportedly received approval from the Indian government to raise its stake in two local insurance joint ventures with Bharti Enterprises to 49%..
AXA currently owns 26% each in Bharti AXA Life Insurance and Bharti AXA General Insurance. Reuters reported that AXA plans to invest INR 8.59bn in Bharti AXA Life Insurance
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The development comes after the foreign ownership limit in Indian insurance companies was lifted in March 2015 to 49% from 26% previously, as the Indian parliament voted to change the law.
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