The Hindu Business Line : Bharti, AXA into general insurance

Bharti Enterprises and French insurer AXA have signed a memorandum of understanding to establish a joint venture company in the domestic general insurance business.

In this joint venture company between Bharti and AXA, Bharti Enterprises will hold a 74 per cent equity stake while AXA will have the rest of the 26 per cent, said a press release.

The joint venture, which will be headquartered in Bangalore, is expected to commence operation in the second-half of 2007, subject to IRDA, FIPB and other statutory approvals.

The release quoting, Mr Sunil Bharti Mittal, Chairman and Group Managing Director, Bharti Enterprises, said, "We are delighted to expand the portfolio of our insurance business. The Indian insurance market has been witnessing robust growth and we see tremendous opportunity in the general insurance segment."

The release said the joint venture would tap into AXA's leading technology and expertise, while Bharti would bring its strong local market knowledge, branding, and India-wide retail distribution network.

AXA has major operations in Western Europe, North America and the Asia-Pacific. In Asia, AXA provides general insurance protection to individual, SME and corporate customers. Bharti's life insurance venture with AXA recently commenced national operations.

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