AXA, Bharti, Reliance Industries and its associate Reliance Industrial Infrastructure announced today that they have mutually agreed to terminate their negotiations on the proposed acquisition by RIL and RIIL of Bharti’s shareholding of 74% in Bharti AXA Life Insurance Co. Ltd and Bharti AXA General Insurance Co. Ltd.
On June 10, 2011, the Parties announced that they had reached an understanding on this transaction, subject to entering into legally binding agreements, as well as obtaining necessary approvals from IRDA1 and other relevant/applicable authorities.
Bharti AXA Life Insurance and Bharti AXA General Insurance will continue to develop their operations in India, as they have successfully done over the past years, and build a sustainable and long-term business by tapping the significant growth potential offered by the Indian market.
Source : Axa Press Release
