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.