AXA which is the second biggest insurer in Europe has got the approval from Indian government to raise its stake in two local insurance joint ventures with Bharti Enterprises to 49 per cent according to a government statement.

The foreign ownership limit in Indian insurance companies was lifted to 49 per cent from 26 per cent in March.

At present AXA owns 26 per cent stake each in Bharti AXA Life Insurance Company and Bharti AXA General Insurance Co. Ltd. AXA and Bharti both have said that AXA has planned to raise its stake in the ventures to 49 per cent.