Bharti likely to sell stake in asset management JV with AXA

Bharti plans to rework its relationship with AXA, reports CNBC-TV18, quoting sources. It is looking to exit its asset management joint venture with AXA and might dilute its stake or exit if necessary. Commenting on the same, Bharti said reworking in relationship will not impact insurance business with AXA. Bharti has 26% stake in Asset Management JV with AXA. This is the one of the first steps of Bharti to rework its relationship with AXA, Bharti has categorically come out and said that it is looking at diluting its stake or even exiting Asset Management business in which Bharti holds 26% stake and remaining 74% stake is held by AXA. In other ventures where these two have a relationship is the life insurance business, where Bharti holds a 74% stake and AXA holds a 26% stake by virtue of being regulated. As of now Bharti has very categorically said that they haven’t changed anything in their insurance business but have gone ahead and seen the asset management business in which they are willing to dilute or even exit the business at this point of time.