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The acquisition will be completed by December 2023, which will see Bharti Group taking full control of Bharti AXA Life Insurance; a venture that was jointly run for nearly two decades.
Bharti Group: AXA was looking to exit the JV over the last couple of years. Earlier, the Hinduja Group and Abu Dhabi Investment Authority (ADIA) were looking to buy Axa s stake in the insurance company but the transaction did not go through.
Foreign institutional investors (FII) sold shares worth Rs 1,326.74 crore, while domestic institutional investors (DII) bought Rs 801.27 crore worth of stocks on September 22, provisional data from the National Stock Exchange (NSE) showed.