New Delhi: Japanese insurer 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 approved by the FIPB.
Besides, the proposal of Yes Bank to hike foreign investment limit to 74 per cent from existing 41.87 per cent without any sub-limits has been referred to the Cabinet Committee on Economic Affairs (CCEA).
"Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on March 7, the government has approved 15 FDI proposals involving Rs 7,261.6 crore and recommended one proposal for approval of CCEA involving FDI of Rs 6,885 crore," a Finance Ministry statement said.
The Board also approved the proposal of Taurus Ventures for issuance of shares to the shareholders of Max India pursuant to a demerger of Max India Ltd.
The proposal of Nippon Life to hike stake in Reliance Life Insurance from 26 per cent to 49 per cent for Rs 2,265 crore was approved by the board.
Also, Tata AIA Life Insurance Company's proposal to increase AIA International's stake from 26 per cent to 49 per cent for Rs 2,055 crore was also cleared by the board. Besides, Aviva Life Insurance's Rs 940 crore proposal to hike Aviva International's stake to 49 per cent was cleared.
"FDI inflow continues. Fast clearances make a difference," Economic Affairs Secretary Shaktikanta Das tweeted.
Birla Sun Life Insurance Company's proposal worth Rs 1,664 crore for hiking foreign equity in the company to 49 per cent was also approved.
Raheja QBE General Insurance Co's Rs 102 crore proposal for transfer of 23 per cent shares held by Prism Cement to Hong Kong's QBE Asia Pacific Holdings and thereby increasing foreign shareholding to 49 per cent also got the nod.
The FIPB, headed by the Economic Affairs Secretary, is an inter-ministerial panel and can approve foreign investment proposals of up to Rs 5,000 crore.