Bank of India to buy 51 pct stake in Bharti AXA Investment Managers

MUMBAI: State-run Bank of India said late on Saturday it would acquire a 51 percent stake in Bharti AXA Investment Managers Pvt Ltd, an asset management company to Bharti AXA Mutual Fund.

Bharti AXA Mutual Fund is a joint venture between Bharti Enterprises and AXA Investment Managers, the bank said in a statement.

The remaining stake will be held by France's AXA Group , it added.

Financial terms of the transaction, which was advised by Ernst & Young, were not disclosed.

Bharti Enterprises, which controls leading Indian telecoms firm Bharti Airtel, had set up the ventures -- Bharti AXA Life Insurance and Bharti AXA General Insurance -- with AXA, Europe's second biggest insurer, in 2006.