Reliance Industries enters insurance with Bharti Axa acquisition

Reliance group buys Bharti's 74% stake in two insurance joint ventures in India, bringing Mukesh Ambani into direct competition with younger brother Anil.

Mukesh Ambani AFP

Mukesh Ambani, chairman of India’s Reliance Industries, is expanding his business empire into insurance, putting him in direct competition for the first time with his younger brother, Anil.

He is entering the industry through an acquisition. Reliance Industries and an associate company are set to buy Bharti Enterprises’ 74% shareholding in Bharti Axa Life Insurance and Bharti Axa General Insurance....

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