Japan's Nippon Life Insurance, Aviva Life and Tata AIA were among the 15 firms whose foreign direct investment proposals totalling Rs 7,262 crore have been cleared by FIPB.
Apart from this, proposal of Yes Bank to increase foreign investment limit to 74 percent from current 41.87 percent without any sub-limits has been referred to Cabinet Committee on Economic Affairs (CCEA).
"Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on March 7, the government has approved 15 FDI proposals involving Rs 7,261.6 crore and recommended one proposal for approval of CCEA involving FDI of Rs 6,885 crore," a Finance Ministry statement said.
Board also gave green signal to proposal of Taurus Ventures for issuance of shares to the shareholders of Max India pursuant to a demerger of Max India Ltd.
Proposal of Nippon Life to raise stake in Reliance Life Insurance from 26 per cent to 49 percent for Rs 2,265 crore was accepted by the board.
Besides, Aviva Life Insurance's Rs 940 crore proposal to hike Aviva International's stake to 49 per cent was cleared.
"FDI inflow continues. Fast clearances make a difference," Economic Affairs Secretary Shaktikanta Das tweeted.