An Indian joint-venture for AXA Asia Pacific Holdings
News
Group, August 25, 2005
AXA Asia Pacific Holdings (AXA APH) and Bharti Enterprises Private Limited, a leading business conglomerate in India, have signed an agreement to establish a joint-venture company to carry on life insurance business in India.
Under the agreement, AXA APH, the holding company for AXA's life insurance operations in Asia, will have a 26% equity interest in the joint-venture, the maximum currently permitted under the Indian regulations. AXA APH will bring AXA's global life insurance and asset management expertise to the partnership and Bharti its strong local market knowledge, reputation and presence.
The joint-venture, named Bharti AXA Life Insurance Company Limited, is expected to start writing business in the first half of 2006, subject to approval from India's Foreign Investment Promotion Board (FIPB), Insurance Regulatory and Development Authority (IRDA) and other Indian authorities.