The Insurance Bill amendment will pave the way to raise Foreign Direct Investment in insurance sector up to 49 percent. Insurance companies can now also list on the stock exchanges.
In a big boost for the insurance sector, the Cabinet has approved 49 percent foreign investment in insurance companies. This will be allowed through the FIPB route , ensuring management control in the hands of Indian promoters.
Welcoming the move, Prashant Sharma, CIO, Max Life Insurance said that foreign investors are looking to invest in insurance companies in India.
Sandeep Batra, Executive Director, ICICI Prudential Life Insurance added that insurance industry current requires nearly Rs 25,000 crore of capital. However, ICICI Prudential Life is adequately capitalized and doesn't need funds immediately, he said.
Below is the verbatim transcript of Sandeep Batra and Prashant Sharma's interview with CNBC-TV18's Latha Venkatesh and Sonia Shenoy. For the complete discussion watch the accompanying videos.
Latha: What have you heard from the promoters, are they looking in more foreign investment, are they getting a lot of foreign interest at this juncture?
Sharma: Given the attractiveness of the industry there would be lot of interest from the foreigners, generally speaking but having said that whether the promoters or the management want this to happen at a certain point, is their prerogative and that may happen at some point in time in the future if the conditions are attractive and desirable for everybody concerned.
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