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Business News/ Companies / Irda approves Tokio Marine stake hike in Edelweiss Tokio Life Insurance
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Irda approves Tokio Marine stake hike in Edelweiss Tokio Life Insurance

Tokio Marine currently owns 26% in the venture, with Edelweiss owning the remainder

Following regulatory approval, Tokio Marine will infuse over `525 crore in Edelweiss Tokio Life Insurance to fund expansion plans.Premium
Following regulatory approval, Tokio Marine will infuse over `525 crore in Edelweiss Tokio Life Insurance to fund expansion plans.

Mumbai: Edelweiss Tokio Life Insurance on Thursday said it had received Insurance Regulatory and Developmental Authority of India (Irda) approval to increase Tokio Marine’s stake to 49% in the joint venture.

Following regulatory approval, Tokio Marine will infuse over 525 crore in Edelweiss Tokio Life Insurance to fund expansion plans.

Edelweiss Tokio Life Insurance is a joint venture between Edelweiss Financial Services and Tokio Marine Holdings Inc. Tokio Marine currently owns 26% in the venture, with Edelweiss owning the remainder.

“Our strong demographics coupled with rising life expectancy and poor social security will continue to spur demand for insurance. Additionally, growing household savings will flow into long-term investments, in turn fuelling economic growth," said Rashesh Shah, chairman and chief executive of Edelweiss Group.

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Swaraj Singh Dhanjal
" Based in Mumbai, Swaraj Singh Dhanjal is responsible for Mint’s corporate news coverage. For the past eight years he has been writing on the biggest deals in private equity, venture capital, IPO market and corporate mergers and acquisitions. An engineer and an MBA, he started his journalism career in 2014 with Mint. "
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Published: 28 Jan 2016, 11:18 PM IST
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