Tokio Marine Holdings has received approval from the Foreign Investment Promotion Board (FIPB) to acquire 13 additional stake in its Indian life insurance joint venture (JV), Edelweiss Tokio Life Insurance, for about INR5.4bn ($81m).

If the proposed transaction materializes, Tokio Marine holding in Indian life JV will shoot up from current 26% to 49%. The Japanese insurance holding company formed Edelweiss Tokio Life Insurance Company in 2011 in collaboration with Edelweiss Financial Services.

Edelweiss Tokio Life CEO Deepak Mittal was quoted by Livemint as saying: "The exact amount we have to work out, but there is a long-term plan. We would definitely be bringing forward measures to expand distribution and we would definitely be investing in technology.

"We should be approaching Irdai (Insurance Regulatory and Development Authority of India) soon early next week for their approval."

Tokio Marine is also present in the non-life business sector with Indian Farmers Fertilizer Co-operative (IFFCO) and its associates.