State-run Bank of India (BoI) will pick up a majority 51% stake in Bharti Axa Mutual Fund for an undisclosed amount to run the latter's asset management business.
"Bank of India and Axa Investment Managers Asia Holdings (a subsidiary of Axa Investment Managers, part of the Axa Group) have agreed to enter into a joint venture in asset management business carried on by Bharti Axa Investment Managers," a joint statement from the companies said here.
Bharti Axa Investment Managers is the asset management arm to Bharti Axa Mutual Fund, which is owned by telecom major Bharti Airtel and French financial services giant Axa Group.
"Under the proposed joint venture, BoI will acquire 51% equity and the balance will be with the Axa Group," the statement added.
Ernst & Young India was the advisor to the transaction.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app