AXA, Bharti Enterprises sign MoU for general insurance

Mumbai, Jan 8 (UNI) Bharti Enterprises and AXA today announced that they have signed a Memorandum of Understanding (MoU) to establish a joint venture company to launch general insurance business in India.

In the joint venture company, Bharti Enterprises will hold a 74 per cent equity, while AXA will have 26 per cent, a Bharti release said.

AXA, a global leader in general insurance, will enable the joint venture to tap into AXA's leading technology and expertise, while Bharti will bring its strong local market knowledge, reputation and branding and country-wide retail distribution network.

Announcing the agreement, Bharti Enterprises chairman and Group managing director Sunil Bharti Mittal said ''We are delighted to expand the portfolio of our insurance business. The Indian insurance market has been witnessing robust growth and we see tremendous opportunity in the general insurance segment. We are confident of emerging as a top player in the Indian general insurance market over the next few years.'' AXA Asia Regional Centre's Regional Managing Director Bernard Marseille said ''The JV will enable both AXA and Bharti to develop a very strong business platform in India. With our complimentary skills, the partnership will penetrate the market to attain significant market share in the medium term.'' The joint venture, which will be headquartered in Bangalore, is expected to commence operation in the second half of 2007, subject to IRDA, FIPB and other statutory approvals.

UNI