MUMBAI: French insurer AXA and India’s Bharti Enterprises are set to launch a realty fund in India, extending their current partnership for insurance, a leading newspaper said on 6 March.
The two firms are in talks to finalise the joint venture for a realty fund, Bharti Chairman Sunil Mittal said. Bharti has 74% in ventures for general insurance and life insurance with AXA. The two firms have said they would also launch a venture for asset management.
India’s real estate sector has seen rapid growth in recent years on the back of robust economic growth.
Global players such as Citigroup, Goldman Sachs, AIG, 3i and Deutsche Bank have been drawn to India after rules on foreign investment in real estate were eased in early 2005.
Morgan Stanley Real Estate and Merrill Lynch Capital Markets Espana SA own stakes in Indian property developers.