NEW DELHI: Following Parliament's passing the Insurance Bill, Bharti Enterprises today said its foreign partner AXA will step up equity investment to 49 per cent in the joint venture.
Bharti Enterprises and AXA have a 74:26 JV with Bharti holding the majority stake. The entity offers life and general insurance. "We can confirm that AXA will step up their equity investment to 49 per cent. Bharti will soon move the application to FIPB as per the new FDI guidelines," Bharti Enterprises Chairman Sunil Bharti Mittal said in a statement.
Bharti and AXA remain fully committed to their insurance JVs, he added. Parliament today approved hiking the foreign investment limit to 49 per cent from 26 per cent in the sector.
Terming the move as a "highly positive development", Mittal said it will bring the much needed investments for the growth of the insurance industry.
"It also underlines the Government's commitment to take forward its reforms agenda and drive economic growth, while generating employment opportunities," he said. France based AXA group is a global player in insurance and asset management.