Axa, Bharti and Reliance Industries Limited have mutually agreed to terminate their negotiations on the proposed acquisition by RIL of Bharti's shareholding of 74% in Bharti Axa Life Insurance and Bharti Axa General Insurance, reports CNBC-TV18's Siddarth Zarabi.
On June 10, 2011, AXA and RIL announced that the parties had reached an understanding on this transaction, subject to negotiation and entering into legally binding agreements between RIL, RIIL and AXA, as well as obtaining necessary approvals from IRDA and other relevant/applicable approvals. Also watch the accompanying video.
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