Bharti Group to purchase AXA’s stake in India joint venture: Report

It’s not yet clear if AXA is exiting the Indian insurance market.

Bharti Group has announced its acquisition of French insurer AXA's 49% stake in Bharti AXA Life Insurance Co., Reuters reported.

This move marks Bharti's takeover of the joint venture that has been operational for nearly two decades. However, it's not immediately clear whether this deal signifies AXA's exit from the Indian insurance market.

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Simultaneously, Bharti is in discussions with other investors to expand its insurance business through partnerships or combinations with other entities. 

The financial details of this transaction have not been disclosed by Bharti or AXA.

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The Bharti AXA Life Insurance deal, facilitated through Bharti Life Ventures, is expected to be completed by December of this year, subject to regulatory approvals.