Hike in India's foreign stake cap for insurers seen attracting US$3b
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Singapore
INDIAN companies with insurance ventures, including Max India Ltd and Reliance Capital Ltd, are poised to benefit from higher foreign shareholding limits that may draw more than US$3 billion from overseas investors.
The passage of a bill raising the amount foreign companies can own in Indian insurers to 49 per cent from 26 per cent allows Bupa Finance to boost its holding in its venture with Max India, which the UK company had applied for in January. Shares of Reliance Capital, which has a venture with Nippon Life Insurance Co, rose to a three-month high.
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