Bharti ties up with AXA for mutual-fund foray

Bharti ties up with AXA for mutual-fund foray
PTI
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First Published: Wed, Mar 14 2007. 01 24 AM IST
Updated: Wed, Mar 14 2007. 01 24 AM IST
New Delhi:In its drive to diversify into financial services, Bharti Group is all set to enter the over Rs3.5 lakh crore mutual fund industry in association with French company AXA and announced an investment of up to Rs 1,500 crore in the financial services.
“We have already agreed upon entering into mutual fund and general insurance businesses in partnership with AXA, while the launch of real estate fund is being examined,” group chairman and managing director Sunil Mittal said.
Mittal, however, said that there was no plan to get into banking services.
“As AXA will be our partner in all financial services endeavours and they are not into banking,” Mittal said, adding that life insurance services have already been launched, general insurance has been agreed upon and an agreement for mutual fund has actually been signed.
There are about 32 mutual funds with total assets under management of about Rs3.54 lakh crore in February, according to Association of Mutual Funds of India.
ICICI Prudential, Reliance MF and UTI MF are the top companies in terms of assets under management.
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First Published: Wed, Mar 14 2007. 01 24 AM IST
More Topics: Money Matters | Mutual Funds |