Bharti exits, RIL enters in insurance JVs with AXA

Friday 10, June, 2011 After nearly five years of its association, Bharti group today exited from its financial services joint ventures with French firm AXA and sold its entire 74% stake in both general and life insurance businesses to Mukesh Ambani-led Reliance Industries (RIL) for an undisclosed amount. "The decision is in line with Bharti's strategy of focusing its energies and financial resources in businesses where it is making a deeper impact both in India and overseas. Currently, the financial services ventures do not fit into BhartiÆs long-term growth plans," the company said in a statement. The company had entered into these joint ventures with the AXA group in 2006 and held 74% stake in both these ventures, Bharti AXA Life Insurance and Bharti AXA General Insurance.

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