New Delhi, Jul 3: Bharti AXA General Insurance Company Ltd, a joint venture between Bharti Group and AXA Group, today said it has received approval from Insurance Regulatory Development Authority (IRDA) for commencing business in the country.
''We are delighted to receive the certificate of registration and shall shortly commence the business operations. We aim to be the preferred company in the General Insurance market within next few years,'' company Chief Executive Officer Milind Chalisgaonkar said in a statement. Bharti, one of the country's leading business groups, holds 74 per cent in the JV with the rest owned by global leader in financial protection AXA. The company, headquartered in Bangalore, will establish a pan-India business network with offices and partnerships.
Bharti AXA Life Insurance Company, set up in 2006, also involved in a joint venture for asset management-Bharti AXA Investment Managers.
Through the JVs, AXA contributes their domain expertise, global blueprint, best practices and technology, whereas Bharti brings in its strong local market expertise and countrywide retail distribution network.