Edelweiss Tokio Life Insurance has received the Foreign Investment Promotion Board (FIPB)'s approval for increasing its foreign joint venture partner Tokio Marine's stake in the company to 49%. Tokio Marine currently owns 26% in Edelweiss Tokio Life Insurance.

Edelweiss Tokio Life Insurance is a joint venture between Edelweiss Financial Services, one of India's leading diversified Financial Services companies, and Tokio Marine Holdings, a global leader with over 135 years of experience in the insurance business.

The increase in Tokio Marine stake will lead to fresh issue of Foreign Direct investment into the company.

Speaking on the occasion, Deepak Mittal, MD & CEO, Edelweiss Tokio Life said, We are committed to build a high quality and well capitalised business with strong support from Tokio Marine in areas like product design, new technology, etc. Increased capitalisation and strong partner support move will ultimately support the end objective of social empowerment through financial protection and inclusion.

Shares of Edelweiss Financial Services gained Rs 1.9, or 3.51%, to trade at Rs 56. The total volume of shares traded was 54,105 at the BSE (10.28 a.m., Wednesday).