The AXA group, which manages assets worth €827 billion worldwide, will hold 26% stake in the proposed company
Both the companies will invest about Rs 500 cr in the first three-four years. The company is expected to start operations from the first half of next year.
The agreement was signed by Sunil Bharti Mittal, chairman of Bharti Enterprises, and Les Owen, chief executive of AXA Asia Pacific Holdings.