A deal that would have seen
control of Indian insurers Bharti Axa Life Insurance and Bharti Axa
General Insurance has been called off.
Under a proposal announced in
June 2011, Indian conglomerate Bharti Enterprises was to sell its
74% stakes in its life and general insurance joint ventures (JV) to
Reliance Industries (RI) and its subsidiary Reliance Industrial
Infrastructure (RII), for an undisclosed sum.
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In a joint statement, RI and
RII said negotiations had been terminated because all parties to
the mooted deal were not able to reach agreement on the long-term
vision and joint governance of the JVs.
At the time the proposed deal
was announced, Bharti stated that the sales of its stakes in the
two JVs was in keeping with its strategy of focusing on areas
“where it is making a deeper impact”. Bharti’s other interests
include India’s biggest mobile phone service provider.
Bharti and French insurer Axa
established their JV insurance companies five years ago. Axa has a
26% stake in both. In the 12 months to March 2011, Bharti Axa Life
reported premium income of about $195m. Bharti Axa General reported
premiums of about $136m.
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