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Insurance
12-Oct-23
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Bharti proposes to acquire 49% stake in Bharti AXA Life Insurance from its JV partner AXA
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Bharti Group on Wednesday said it has entered into a binding agreement with its joint venture partner AXA to acquire its 49% stake in Bharti AXA Life Insurance.
Currently, France-based AXA owns 49% stake in the joint venture with Bharti. Post transaction, Bharti Life Ventures Private Limited (BLVPL), the holding company of Bharti AXA Life Insurance Company, will own 100% stake in the life insurer.
The transaction is subject to receipt of requisite regulatory approvals, Bharti Group said in a statement.
Pursuant to the two parties' decision to merge Bharti AXA General Insurance with ICICI Lombard in 2020, and the subsequent exit of AXA from the shareholding of ICICI Lombard, BLVPL has now entered into an agreement to acquire AXA's 49% shareholding and fully own the company, it said.
Bharti's intention is to ensure that the life insurance business continues to serve the Indian market and, in this regard, it is engaging with other strategic and financial investors to partner or combine, so as to continue to scale this business, it said.
The transaction is expected to close by December 2023, subject to receipt of regulatory approvals, it said.
Bharti set up the ventures with AXA in 2006 and held 74% stake in both - Bharti AXA Life Insurance and Bharti AXA General Insurance. Bharti and AXA had previously sold Bharti AXA General Insurance to ICICI Lombard in 2020.
The transaction is subject to regulatory approvals and is expected to be completed by December 2023.
Bharti Group aims to continue serving the Indian market and is exploring partnerships with other investors to further expand the business.
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