The Centre has given its nod for 19 foreign direct investment (FDI) proposals worth ₹2,165.04 crore.
The pitches approved include those of Bharti Axa Life Insurance Company Ltd and Bharti Axa General Insurance Company Ltd involving foreign investments of ₹858.60 crore and ₹431.40 crore, respectively.
In the case of Bharti Axa Life Insurance Company Ltd, the approval is for Axa India Holdings to acquire a 26.78 per cent stake (of this life insurer) from Bharti Insurance Holdings Private Ltd.
In the case of Bharti Axa General Insurance Company, the approval is for SocieteBeaujon to acquire 26.78 per cent stake (of the private general insurer) from Bharti Insurance Holdings Private Ltd.
The other proposals that received Government approval include those of Mylan Laboratories (₹128.77 crore), Par Formulations (₹124 crore), Touchstone Trust (₹29 crore), Augure Wireless Broadband (₹9 crore), Curatio Healthcare India (₹93.43 crore), RLG Retail (₹31 crore) and FCC Clutch India (₹444.50 crore).
All 19 approvals were based on recommendations of the foreign investment promotion board (FIPB) at its meeting on April 9.