Edelweiss Tokio Life Insurance has filed an application with the Foreign Investment Promotion Board (FIPB) to increase its stake of its joint venture (JV) partner Tokio Marine to 49% in the company.
Its current stake in the company is 26 per cent.
The decision to raise the stake comes after the Parliament allowed foreign companies to increase their stake in India by up to 49 per cent by opening up foreign direct investment (FDI) in the insurance sector.