Mumbai: Bharti Enterprises and French insurer AXA have signed a Memorandum of Understanding to establish a joint venture company in the domestic general insurance business. Bharti Enterprises will hold a 74 per cent equity stake in the JV while AXA will have the remaining 26 per cent, said a press release.
The joint venture will be headquartered in Bangalore, and is expected to commence operation in the second-half of 2007, subject to IRDA, FIPB and other statutory approvals.
The joint venture would tap into AXA's leading technology and expertise, while Bharti would bring its strong local market knowledge, branding, and India-wide retail distribution network.
AXA has major operations in Western Europe, North America and the Asia-Pacific. In Asia, AXA provides general insurance protection to individual, SME and corporate customers. Bharti's life insurance venture with AXA recently commenced national operations.