Akhil Gupta, deputy group chief executive officer & managing director of Bharti Enterprises Ltd told Hindustan Times that Bharti and Axa have no intention of moving out from the insurance industry and are here to stay.
You are exiting the joint venture with Axa in the mutual fund industry? How many parties have showed an interest in buying your stakes?
At this stage, I cannot talk much. The asset management business was not something we were looking at and also it was not adding much value. We are bullish on the life insurance and general insurance businesses and are committed to these.
At present there is a lock-in of 5 years for stake sales in insurance companies. After 5 years, would you consider selling out in case valuations are good?
The 5-year lock-in does not matter. We have no intention of moving out and I can say this on behalf of Axa too.
What are the capital infusion and expansion plans for all the businesses?
In the life insurance company, we will be infusing Rs 2,200 crore in 3 years, of which we have infused Rs 1,000 crore so far. In the general insurance company, we will be infusing Rs 650 crore in the next 3 years, of which we have already infused Rs 230 crore. For the Bharti Wal-Mart (retail), before we pick and spread the business, we want to have perfect processes and backend operations.