FDI worth Rs 6,192 crore in insurance companies await clearance: Government

In a bid to bring in foreign investment of Rs 6,192 crore, as many as 10 insurance companies have applied for regulatory clearances.

"10 insurance companies have applied to IRDAI and Foreign Investment Promotion Board (FIPB) and the foreign investment into India involved in these transactions is approximately Rs 6,192 crore," Minister of State for Finance Jayant Sinha said in a written reply in the Rajya Sabha.

On March 23 this year, the government notified the hike in foreign direct investment (FDI) cap to 49 per cent from 26 per cent.

According to Insurance Regulatory and Development Authority of India (IRDAI), the total FDI in insurance sector as on March 31, 2015, was about Rs 8,031 crore.

(Image credits: BCCl)