Bharti Group has signed an agreement with its partner AXA to acquire the latter’s 49 per cent stake in Bharti AXA Life Insurance.
Bharti Life Ventures, the group’s holding company for Bharti AXA Life Insurance, will become the sole owner of the life insurance post the stake sale, it said in a release. The transaction, expected to be completed by December 2023, is subject to receipt of regulatory approvals.
Prior to this, the French multinational insurer had exited its other joint venture Bharti AXA General Insurance, as a part of the latter’s merger with ICICI Lombard General in 2020.
“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 and or combine, so as continue to scale this business,” the release said.
Besides Airtel, the Bharti Group has operations across space communications, digital infrastructure, financial services, real estate, hospitality, agri-processed foods and manufacturing.