Fair trade regulator, Competition Commission of India has approved European financial services giant AXA's proposal to hike its stake from 26 percent to 49 percent in its two insurance ventures with Bharti Group – Bharti AXA Life Insurance and Bharti AXA General Insurance. The Foreign Investment Promotion Board had approved the two deals worth around Rs 1,300 crore earlier this month.AXA is now the first foreign partner to increase its stake in a domestic insurance company after the government had approved up to 49 percent FDI in the insurance sector in March compared to 26 percent earlier.