AXA, Bharti, Reliance Industries Limited (RIL) and its associate Reliance Industrial Infrastructure Limited (RIIL) announced that they have mutually agreed to terminate their negotiations on the proposed acquisition of Bharti?s 74 per cent shareholding in Bharti AXA Life Insurance and Bharti AXA General Insurance by RIL and RIIL.
In June 2011, the companies had announced that they had reached an understanding on this transaction, subject to entering into legally binding agreements, as well as obtaining necessary approvals from IRDA and other relevant/applicable authorities.
