State-run Bank of India said late on Saturday it would acquire a 51 percent stake in Bharti AXA Investment Managers Pvt Ltd, an asset management company to Bharti AXA Mutual Fund.
Bharti AXA Mutual Fund is a joint venture between Bharti Enterprises and AXA Investment Managers, the bank said in a statement.
The remaining stake will be held by France’s AXA Group , it added.
Financial terms of the transaction, which was advised by Ernst & Young, were not disclosed.
Bharti Enterprises, which controls leading Indian telecoms firm Bharti Airtel had set up the ventures — Bharti AXA Life Insurance and Bharti AXA General Insurance — with AXA, Europe’s second biggest insurer, in 2006.
Source: Reuters