India: new partnership with Bharti

Already associated in a special life insurance joint-venture, AXA and Bharti have just signed a Memorandum of Understanding to establish a new joint venture based this time on general insurance business in India.

With Bharti Entreprises* holding 74% equity interest and AXA, 26%, this joint venture will benefit from AXA's leading technology and expertise and Bharti's strong local market knowledge and wide-ranging retail distribution network.

The new organization is expected to commence operations in the second half of 2007, subject to Indian statutory approvals.

 * Bharti Enterprises is a business group with interests in telecom, agri business, insurance and retail. It also controls Bharti Airtel, India's leading telecommunications company.