AXA, Bharti, and RIL End Negotiations

AXA, a Paris based insurance group, Bharti, Reliance Industries (RIL), and its associate Reliance Industrial Infrastructure (RIIL) have mutually agreed to end their negotiations on the proposed acquisition by RIL and RIIL of Bharti’s shareholding of 74% in Bharti AXA Life Insurance and Bharti AXA General Insurance. The parties earlier declared that they had reached an understanding on this transaction, subject to entering into legally binding agreements, as well as gaining necessary approvals from IRDA and other relevant authorities.