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Edelweiss Financial Services gets 2nd approval to start general insurance biz

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.