Mumbai: Negotiations between Bharti Enterprises and Reliance Industries (RIL), for the latter to acquire a 74% in Bharti AXA Life Insurance Company and Bharti AXA General Insurance Company, have fallen through.
Both parties put out press statements to that effect on Friday saying they had jointly agreed to terminate the negotiations, with the RIL statement adding that they were being jointly terminated “as a result of the parties being unable to reach agreement on the long-term vision and joint governance of the ventures”.
It was on June 10 that RIL had announced that it had arrived at an understanding with Bharti to pick up a chance in the insurance ventures together with Reliance Industrial Infrastructure (RIIL).
“Bharti AXA Life Insurance and Bharti AXA General Insurance will continue to develop their operations in India, as they have successfully done over the past years, and build a sustainable and long-term business by tapping the significant growth potential offered by the Indian market,” the Bharti release added.
Bharti had entered into joint ventures with the AXA group in 2006 and held 74% stake in both these ventures-Bharti AXA Life Insurance and Bharti AXA General Insurance.