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Bharti enters into a binding agreement with its joint venture partner AXA to acquire AXA’s 49% stake in Bharti AXA Life Insurance

New Delhi, October 11, 2023: Bharti today announced that Bharti Life Ventures Private Limited (“BLVPL”), the group’s holding company of Bharti AXA Life Insurance Company Limited (“Company”), has entered into a binding agreement with its joint venture partner, AXA, to acquire their 49% stake in the Company. The transaction is subject to receipt of requisite regulatory approvals. This will result in BLVPL owning 100% stake in the Company, post- completion of the transaction.

Pursuant to Bharti’s and AXA’s decision to merge Bharti AXA General Insurance with ICICI Lombard in 2020, and the subsequent exit of AXA from the shareholding of ICICI Lombard, BLVPL has now entered into an agreement to acquire AXA’s 49% shareholding and fully own the Company. Bharti’s intention is to ensure that the Life Insurance business continues to serve the Indian market and, in this regard, it is engaging with other strategic and financial investors to partner and or combine, so as continue to scale this business.

The transaction is expected to close by December 2023, subject to receipt of regulatory approvals.

About Bharti/ BLVPL

BLVPL is part of Bharti group, one of India’s leading business groups with interests in telecom, space communications, digital infrastructure, financial services, real estate, hospitality, agri- processed foods, and manufacturing. Bharti has been a pioneering force in the Indian telecom sector with many firsts and innovations to its credit. Bharti Airtel, the group's flagship company, is a leading global telecommunications company with operations in 17 countries across Asia and Africa. The Company ranks amongst the top three mobile service providers globally in terms of subscribers. Bharti has a JV with Del Monte that offers a range of branded food and beverage products under the Del Monte brand in India and select SAARC countries. Other business ventures of the group include Hike Global, a web3 gaming company targeted at creating new economic opportunity for the masses, Beetel Teletech, India’s leading manufacturer and distributor of telecom, IT and allied products. Through its strategic investments, Bharti has a significant presence in the hospitality sector. Bharti is also the largest shareholder in Eutelsat Group, a leading Satcom company, reaffirming its commitment to accelerating universal connectivity.