Delhi-based Bharti Group will acquire French insurer AXA’s stake in an Indian joint venture that has lasted for nearly two decades.
Bharati Group will acquire AXA’s 49 percent in Bharti AXA Life Insurance, according to a statement. The Indian conglomerate said it was also in talks with other investors to scale up the business by partnering or combining with their entities.
The acquisition will be made via Bharti Life Ventures. The deal is expected to close by December, subject to regulatory approvals. No other details of the deal were disclosed. The joint venture between the two firms was first formed in 2007.
Bharti is an Indian conglomerate with a portfolio of businesses that includes the country’s second largest telecom carrier Bharti Airtel.
