Bharti enters into a binding agreement with its joint venture partner AXA to acquire 49% stake

 Chennai:

Bharti has announced that Bharti Life Ventures Private Limited the group’s holding company of Bharti AXA Life Insurance Company Limited, has entered into a binding agreement with its joint venture partner, AXA, to acquire their 49% stake in the Company. The transaction is subject to receipt of requisite regulatory approvals. This will result in BLVPL owning 100% stake in the Company, post-completion of the transaction.

Pursuant to Bharti’s and AXA’s decision to merge Bharti AXA General Insurance with ICICI Lombard in 2020, and the subsequent exit of AXA from the shareholding of ICICI Lombard, BLVPL has now entered into an agreement to acquire AXA’s 49% shareholding and fully own the Company. 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 transaction is expected to close by December 2023, subject to receipt of regulatory approvals.