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.