In a major diversification move, telecom major Bharti Enterprises today declared its venture into the life insurance sector in partnership with French insurance major, AXA group. Named as Bharti AXA Life Insurance, the JV with a 74:26 equity holding pattern plans an investment of Rs 500 crore in the next three years.
AXA, a global leader in insurance business, will enable the company to have access to AXAs global life insurance and a set management expertise. AXA will hold its stake in the JV through AXA Asia Pacific Holding. The. JV, which is yet to put in place a management team, will first seek a license from the insurance regulator.
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| Posted : 8/25/2005 |
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