IRDA gives licence to Bharti Axa Life
By Our Corporate Bureau | 19 Jul 2006
Chennai: Bharti Axa Life Insurance Company Ltd., the 74:26 insurance joint venture between Sunil Mittal's Bharti Group and global insurance major Axa received the final life insurance licence approval from Insurance Regulatory and Development Authority (IRDA). This clearance from IRDA was the last of the three steps in the registration process. The company is now awaiting final product approvals ahead of its imminent launch.
The company has plans to invest around Rs 500 crore in its first three to four years of operation. The Bharti Axa combine is expected to leverage Bharti Airtel's well-entrenched distribution capabilities and Axa's global insurance expertise to become a market leader.
Axa already has ten years of experience in India through its business process outsourcing units in Pune and Bangalore.