CCI clears AXA raising stake in insurance JVs with Bharti

Fair trade regulator CCI has cleared European financial services giant AXA's proposal to hike its stake from 26 percent to 49 percent in its two insurance ventures with Sunil Mittal led Bharti Group -- Bharti AXA Life Insurance and Bharti AXA General Insurance.

Earlier this month, the Foreign Investment Promotion Board (FIPB) had approved the two deals worth Rs 1,290 crore.

Of the Rs 1,290 crore of FDI from Paris-based AXA, Rs 858.60 crore will go to the life venture and Rs 431.40 crore to the general insurance venture.

The Competition Commission of India (CCI) said it has approved the transactions.

AXA is the first foreign partner to increase its stake in a domestic insurance company after the government had approved up to 49 percent FDI in insurance sector in March, compared to 26 percent earlier.

More foreign partners are expected to come forward and raise stake in their Indian insurance business.