Edelweiss rejects Tokio bid to get controlling stake in insurance JV

Financial services group Edelweiss has turned down its Japanese partner Tokio Marine's bid to get a controlling stake in the decade-old life insurance joint venture Edelweiss Tokio Life Insurance (ETLI). Edelweiss owns 51% in ETIL with 49% held by Tokio Marine. The joint venture agreement between Edelweiss Financial Services Ltd (EFSL) and Tokio Marine Holdings (TMH) - promoters of Edelweiss Tokio Life Insurance - expired in November 2021. Unlike several other insurance ventures in India where the shareholders' agreement gave the foreign partner a right to raise stake as and when regulations allowed, there was no such pact between Edelweiss and Tokio.