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Friday, June 10, 2011

Bharti to sell entire stake in AXA JVs to Reliance Industries

Bharti Enterprises said on Friday it would sell its entire stake in two insurance joint ventures with AXA to Mukesh Ambani-controlled Reliance Industries Ltd.

Bharti will use the proceeds from the sale towards other group businesses in India and abroad, it said in a statement.

Bharti entered into the joint ventures with the AXA Group in 2006 and held a 74 percent stake in both these ventures - Bharti AXA Life Insurance and Bharti AXA General Insurance .
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