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ICICI Lombard eyes Bharti AXA General Insurance in Rs 2,800-crore deal

Bharti Enterprises currently owns 51 per cent stake in Bharti AXA General Insurance

M&A, mergers & acquisitions, merger, partnerships, Joint venture, JV
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The proposed merger would require various regulatory approvals, including from Insurance Regulatory and Development Authority of India (Irdai)

Press Trust of India New Delhi
ICICI Lombard General Insurance has initiated talks to acquire Bharti Enterprises backed Bharti AXA General Insurance in all stock transaction, according to sources.

Bharti Enterprises currently owns 51 per cent stake in Bharti AXA General Insu­rance, while French insurer AXA has 49 per cent. Accor­ding to the sources, the valuation of Bharti-AXA has be­en pegged around Rs 2,800 crore. E-mail sent to Bharti Axa General Insurance, Bharti Enterprises and ICICI Lombard did not elicit an immediate response.

Bharti Enterprises has been trying for a long time to exit its financial services business. In 2016, Bharti Enterprises' talks with Reliance Industries to sell

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First Published: Jul 30 2020 | 12:55 AM IST

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