Insurers eye billions of dollars as Parliament clears Insurance Amendment Bill
NEW DELHI: Within minutes of Parliament approving higher foreign investment in insurance sector, a number of insurers including from Bharti, Reliance, Max and SBI groups said their overseas partners will raise their stakes in respective JVs to 49 per cent.
Welcoming the hike from 26 per cent to 49 per cent, the companies said their foreign partners were keen on a larger equity participation and the move would help attract $ 8-10 billion capital into the industry.