Bharti AXA to invest Rs 30cr in next 30 days

New Delhi, May 31 (UNI) Bharti AXA Life Insurance Company, the private life insurance JV between Bharti Enterprises and AXA Group, will invest Rs 30 crore over the next 30 days to expand its footprint in India.

''The company invested Rs 210 crore since its inception in December 2006. With this fresh amount, we plan to establish 250-300 Airtel Relationship Centres (ARCs) by year-end,'' Bharti AXA Life Insurance CEO Nitin Chopra told reporters at the launch of its first 'Telcassurance' service here today.

The company will add another 300-350 centres by next year.

''We aim to expand this coverage to further 600-650 ARCs in the country by next year (FY08),'' added Mr Chopra.

The company aims to tap the 40 million Airtel customers through its telcassurance insurance service offered at the ARCs pan-India.

Bharti AXA has a presence in 50 exclusive ARCs covering Mumbai, Bangalore, Chennai, Kolkata and Hyderabad, including 20 ARCs in New Delhi alone.

This is the company's first initiative introduced for Bharti Airtel's customers visiting the centres, a range of life insurance services and access to quality advice on financial protection.

The ARCs cover branding, access to product literature and dedicated financial advisors, for providing access to quality financial advice.

AXA is a global leader in financial protection and wealth management. Bharti holds a 74 per cent stake in the JV while 26 per cent stake is held by AXA Asia Pacific Holdings Ltd (APH).

The JV plans to capture five to six per cent share in the next three to four years of the total 79 billion euro market world over.

The company generated revenues worth Rs 14 crore during January-March and expects to grow ''extremeyly good'' in the FY08.

UNI