Bharti exits, RIL enters in insurance JVs with AXA

After nearly five years of its association, Bharti group today exited from its financial services joint ventures with French firm AXA and sold its entire 74% stake in both general and life insurance businesses to Mukesh Ambani-led RIL for an undisclosed amount.

RIL and its subsidiary RIIL would effectively own respectively 57% and 17% in both the insurance companies and would become AXA's JV partners in India.

AXA would retain its current 26% shareholding and would continue to manage the day to day operations of both JVs.

As per the existing regulations, the foreign partner in the insurance sector is allowed to have a maximum stake up to 26% in the joint venture.