Bharti to venture into life insurance by June end

An agreement to set up Bharti AXA Life Insurance Company Ltd was signed last August between the two companies.

Bharti Enterprises is planning to venture into the life insurance sector with French major Axa by June end, Group Chairman Sunil Mittal said on Tuesday.

HT Image

Foreign Investment Promotion Board has already cleared Axa's proposal to infuse Rs 24.55 crore for its 26 per cent stake in the proposed joint venture last week.

"We have got the FIPB approval. License from insurance regulator IRDA is awaited. We expect to start the insurance venture by June end," Mittal said.

An agreement to set up Bharti AXA Life Insurance Company Ltd was signed in August 2006 between the two companies.