British Prime Minister David Cameron has welcomed India's decision to increase FDI limits in the insurance sector to 49%. Mr. Cameron said this would allow British insurers to invest around 238 million pounds in Indian joint ventures.
"These agreements would amount to approximately 238 million pounds of Foreign Direct Investment in the first instance subject to regulatory approvals," a joint statement said.
"This will support the ongoing development of the Indian insurance and reinsurance sectors, which are key elements in promoting sustainable economic growth," the statement added.
This cements the way for Lloyd's of London to get their presence felt in India.
Once the approvals are passed, UK-based Standard Life, Bupa and Aviva would invest over 238 million pounds FDI in their Indian joint ventures. Prudential and Legal & General, and insurance brokers, Howden, Willis and JLT would also ramp up their India operations.
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