Bharti - RIL call off talks over Bharti Axa Life purchase

Bharti Enterprises and Reliance Industries has terminated talks for the stake sale in Bharti AXA insurance companies due to differences over issues related to long term vision and joint governance.

"AXA, Bharti, Reliance Industries (RIL) and its associate Reliance Industrial Infrastructure (RIIL) announced today that they have mutually agreed to terminate their negotiations on the proposed acquisition by RIL and RIIL of Bharti's shareholding of 74% in Bharti AXA Life Insurance and Bharti AXA General Insurance," Bharti said in a statement.