npavan78
04-07-2008, 09:52 AM
Bharati AXA, an insurance joint venture between France's AXA and Bharti group has got the regulator's approval to start operations, the joint venture said on Thursday.
Bharti AXA General Insurance Co, owned 76 per cent by the Bharti group that runs India's top mobile firm Bharti Airtel, would compete with 19 general insurers in the market, the Insurance Regulatory Development Authority website showed.
The insurance market in India is dominated by state-owned firms, but other players include joint ventures of Lombard, Germany's Allianz and Ergo and Italy's Generali.
Bharti and AXA also have a separate life insurance joint venture that was launched in 2006. They also have set up a joint venture for a mutual fund in India.
Bharti AXA General Insurance Co, owned 76 per cent by the Bharti group that runs India's top mobile firm Bharti Airtel, would compete with 19 general insurers in the market, the Insurance Regulatory Development Authority website showed.
The insurance market in India is dominated by state-owned firms, but other players include joint ventures of Lombard, Germany's Allianz and Ergo and Italy's Generali.
Bharti and AXA also have a separate life insurance joint venture that was launched in 2006. They also have set up a joint venture for a mutual fund in India.