Mukesh Ambani’s Reliance Industries made its foray in the insurance industry by buying 74% stakes of Bharti from Bharti AXA. Since Bharti has exited the joint venture with its French partner AXA, Bharti AXA will get a makeover. According to speculations in the media, Bharti AXA may be renamed as ‘RIL AXA’.
Reliance Group led by brother Anil Ambani already has its existence in the insurance space after acquiring AMP Sanmar in October 2005 and renaming it as Reliance Life Insurance Company in January 2006. Reliance General Insurance is the non-life arm of Reliance group with a range of products like motor insurance, health insurance, travel insurance etc.
To avoid any confusion and yet maintain the essence of the brand, Mukesh Ambani-led Reliance Industries is considering the name ‘RIL AXA’.
Meanwhile Reliance Life Insurance sold 26% stakes to Japan’s largest insurer Nippon Life, and received Rs 3,062 crore which is so far the largest FDI deal in the insurance industry.
