Bharti Axa plans for Rs200 crore capital infusion
25 Mar 2011
Bharti AXA General Insurance, joint venture between Bharti Enterprises and the French-headquartered AXA Group, has plans for a Rs200 crore capital infusion by the end of this calendar year, adding to its current capital base of Rs550 crore.
This will be in addition to the Rs90 crore it has infused thus far in this financial year.
It is also planning to rope in a bank, one from the public sector as its third partner. It is considering partnership with Punjab National Bank (PNB), according to CEO and managing director Amarnath Ananthanarayanan.
According to Ananthanarayanan, the company is awaiting decision on its application in response to a tender floated by PNB for interested parties for partnering in the insurance sector.
He was in Hyderabad to announce the company's new market development initiative for the small and medium enterprises (SME) sector. The company would offer risk management advisory and consultancy studies under the new initiative.
At a nominal fee, the company would provide fire, electrical and general safety audits, post-loss survey and risk inspection, to help mitigate and prevent losses from unforeseen events of special relevance for SMEs, given their single promoter status, he said.
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