Bharti Ends Talks With Reliance For Stake Sale In Insurance

New Delhi, Nov 25: Bharti Enterprises and Reliance Industries today terminated talks for the stake sale in Bharti AXA insurance companies due to differences over issues related to long term vision and joint governance.

“AXA, Bharti, Reliance Industries (RIL) and its associate Reliance Industrial Infrastructure (RIIL) announced today that they have mutually agreed to terminate their negotiations on the proposed acquisition by RIL and RIIL of Bharti’s shareholding of 74 per cent in Bharti AXA Life Insurance and Bharti AXA General Insurance,” Bharti said in a statement.

In a separate statement, RIL said the talks were terminated as parties had failed to “reach agreement on long-term vision and joint governance of the ventures.”

After nearly five years of its association with France’s AXA, Bharti had in June announced it would exit from the financial services JVs and sell its entire 74 per cent stake in both general and life insurance businesses. Industry experts had valued the deal at around Rs 5,000 crore.

From: http://ping.fm/CjXTI