AXA Raises Stake in Indian Insurance JVs

Mumbai: French insurer AXA has raised its holdings in Indian insurance joint ventures with Bharti Enterprises to 49 per cent, the latest in a slew of similar deals after a rule change easing cap on foreign ownership in the local insurance companies. The government earlier this year allowed foreign ownership in the $50-billion Indian insurance sector to up to 49 per cent from a maximum permissible 26 per cent stake, a move that is ai...