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India's Edelweiss Financial Services Ltd. obtained second-stage approval for setting up a general insurance business.
The company said April 6 that the Insurance Regulatory and Development Authority of India has accepted its IRDA/R2 application to form a general insurance company. The application was submitted by Edelweiss General Insurance Co., a wholly owned subsidiary of Edelweiss Financial.
The company received preliminary approval in July 2016.