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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.