The government has approved 15 proposals of Foreign Direct Investment,FDI amounting to over Rs 7,260 crore. According to the Finance Ministry, the proposals were approved on the basis of recommendation of Foreign Investment Promotional Board. Of them, the highest Rs 2,265 crore FDI proposal of Nippon Life Insurance Company to hike stake in Reliance Life Insurance from 26 per cent to 49 per cent was approved. Besides, Tata AIA Life Insurance Company's proposal to increase AIA International's stake from 26 per cent to 49 per cent for Rs 2,055 crore was also cleared.