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India implements decree to raise foreign holding in insurance firms

[MUMBAI] The Indian government announced on Friday the implementation of a decision to raise foreign ownership in local insurance joint ventures to 49 per cent, after it passed an executive decree in December to ease the overseas investment rule for the sector.

The decree, however, needs to be ratified by the parliament in the session that starts on Feb 23.

British health insurer Bupa said last month it planned to raise its stake to 49 per cent in an Indian joint venture, in the first instance of a foreign company raising its holding in an Indian venture after a rule change.