New Delhi: Following Parliament's passing the Insurance Bill, Bharti Enterprises Thursday 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.
Bharti AXA Life launched national operations in December 2006. Today, it has a national footprint of distributors and offers a range of products and services to cater to specific insurance and wealth management needs of customers.
Bharti AXA General Insurance commenced national operations in August 2008 and currently has 59 branch offices across the country.
PTI
First Published: Thursday, March 12, 2015, 21:58