Edelweiss Tokio Life Insurance Co., a joint venture between Edelweiss Group and Tokio Marine Holdings Inc., has received the approval of India's insurance regulator to start business, the companies said in a press release Friday.
The new company plans to start operations in July, it said. Diversified Indian financial services group Edelweiss will hold a 74 per cent stake in the new company, while Japan-headquartered Tokio Marine will have 26 per cent.
Indian laws allow foreign investors to hold a maximum of 26 per cent in local insurance companies.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.