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India's insurance regulator has approved U.S.-based Marsh and McLennan Cos Inc.'s transaction to increase its stake in its Indian joint venture to 49% from the current 26%, Moneycontrol reported. Under regulations, foreign insurance brokers cannot hold more than 49% stake in an Indian joint venture. Sanjay Kedia, chief executive of Marsh India Insurance Brokers Pvt. Ltd., said that the transaction is part of Marsh's plans to expand its operations in the country.