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Hinduja-ADIA consortium in talks to buy AXA stake In life insurance JV with Bharti

In the past, Hinduja group entity IndusInd Bank has partnered with many life insurance players to sell the latter’s insurance policies through the lender’s branches. ADIA is no stranger to the sector and in the past few years, the Gulf investment major has been an anchor investor in the IPOs of ICICI Lombard, SBI Life Insurance, PolicyBazaar and more recently Star Health Insurance.

December 01, 2021 / 10:25 PM IST

Hinduja Group has teamed up with sovereign wealth fund ADIA (Abu Dhabi Investment Authority) to make a splash in the domestic insurance sector through a significant deal, multiple industry sources with knowledge of the matter told Moneycontrol. Their first target: the stake held by French insurance major AXA in the Bharti-AXA Life Insurance joint venture.

“A consortium of the Hinduja Group and ADIA has entered exclusive negotiations to purchase AXA’s stake,” one of the persons cited above told Moneycontrol.

AXA owns a 49 percent stake in the life insurer and Bharti Group holds the balance 51 percent.

A second person familiar with ongoing negotiations said the Hindujas, a diversified banking-to-auto conglomerate, had always been keen on beefing up its insurance play and move beyond bancassurance and distribution. In the past, group entity IndusInd Bank has partnered with many life insurance players to sell the latter’s insurance policies through the lender’s branches.