The Foreign Investment Promotion Board(FIPB) Monday March 07,2016 cleared 16 FDI proposals worth Rs 14,000 crore including that of Japan's Nippon hiking stake in Reliance Life Insurance to 49 %, as also that of four other foreign insurers.
The proposal of Japan's Nippon Life Insurance to acquire another 23% stake in Reliance Life Insurance was also cleared by the Board. Nippon currently holds 26 % in Reliance Life
The FIPB also approved the proposal of Yes Bank to hike foreign investment limit to 74 % from present 41 % - making it the first bank to get approval for hiking FDI limit after the new regulations were announced in November 2015
In November 2015, the government had removed sub-limit restrictions for foreign investments in private sector banks within the overall sectoral limit of 74 %
FIPB, chaired by Economic Affairs Secretary Shaktikanta Das, also cleared Sun Life Financial Investments Inc's proposal to hike stake in Birla Sunlife Insurance company to 49 %
FIPB also cleared the proposal of Aviva Life Insurance and Raheja QBE General Insurance Company to hike foreign investment limit in their respective companies to 49 %
The other proposals cleared by the FIPB included Tata AIA Life Insurance Company, Tata Sikorsky Aerospace Limited and International Asset Reconstruction Co Pvt Ltd
The FIPB today approved 16 foreign direct investment proposals, out of the 34
The proposal of Japan's Nippon Life Insurance to acquire another 23% stake in Reliance Life Insurance was also cleared by the Board. Nippon currently holds 26 % in Reliance Life
The FIPB also approved the proposal of Yes Bank to hike foreign investment limit to 74 % from present 41 % - making it the first bank to get approval for hiking FDI limit after the new regulations were announced in November 2015
In November 2015, the government had removed sub-limit restrictions for foreign investments in private sector banks within the overall sectoral limit of 74 %
FIPB, chaired by Economic Affairs Secretary Shaktikanta Das, also cleared Sun Life Financial Investments Inc's proposal to hike stake in Birla Sunlife Insurance company to 49 %
FIPB also cleared the proposal of Aviva Life Insurance and Raheja QBE General Insurance Company to hike foreign investment limit in their respective companies to 49 %
The other proposals cleared by the FIPB included Tata AIA Life Insurance Company, Tata Sikorsky Aerospace Limited and International Asset Reconstruction Co Pvt Ltd
The FIPB today approved 16 foreign direct investment proposals, out of the 34
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