AXA, Bharti and Reliance Industries ends negotiations

AXA, a Paris based insurance group, Bharti, Reliance Industries Limited (RIL) and its associate Reliance Industrial Infrastructure Limited (RIIL) have announced that they have mutually agreed to put an end to their negotiations on the proposed acquisition by RIL and RIIL of Bharti’s shareholding of 74% in Bharti AXA life insurance,
and Bharti AXA general insurance.

On June 10, 2011, the parties declared that they had reached an understanding on this transaction, subject to entering into legally binding agreements, as well as obtaining necessary approvals from IRDA and other relevant/applicable authorities.

Both Bharti AXA life insurance and Bharti AXA general insurance will continue to develop their operations in India, said Bharti.