Bharti Enterprises: May Sell Stake In Asset Management JV With AXA
April 01 2009 - 10:36AM
Dow Jones News
India's Bharti Enterprises said Wednesday it may sell a part of
its stake in Bharti AXA Investment Managers or completely exit the
joint venture with France-based AXA Investment Managers.
"Bharti is a minority partner in the asset management JV with
AXA. The JV will be seeking to open discussions with a potential
partner in the banking industry to strengthen its distribution
capabilities," Bharti said in a statement.
"As a result, Bharti might dilute its stake or exit if necessary
at an appropriate time," it said.
The holding firm of mobile services provider Bharti Airtel Ltd.
(532454.BY) also said the decision won't impact its existing
insurance venture with AXA S.A. (CS.FR).
The Business Standard newspaper reported Wednesday Bharti would
sell its stake in the asset management venture.
-By Ameya Karve; Dow Jones Newswires; +91-22-22884212-18;
ameyaanil.karve@dowjones.com