Bharti Group has signed an agreement with its partner AXA to acquire 49 percent stake in Bharti AXA Life Insurance.
MOUs and Agreement
Bharti Group has signed an agreement with its partner AXA to acquire 49 per cent stake in Bharti AXA Life Insurance. Bharti Life Ventures, the group's holding company for Bharti AXA Life Insurance, will complete the stake sale, a release said. Later she would become the sole owner of the life insurance. The transaction, expected to be completed by December 2023, is subject to receiving regulatory approvals. Earlier, the French multinational insurer had acquired ICICI Lombard General Insurance from its other joint venture, Bharti AXA General Insurance, as a part of its merger with ICICI Lombard General in 2020. "Bharti intends to ensure that the life insurance business continues to serve the Indian market and in this regard, it is pursuing partnerships or alliances with other strategic and financial investors to further grow this business," the release said.
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