World's largest insurer AXA on Wednesday tied up with India's leading telecom company Bharti Enterprises for entering the life insurance business in India.
Bharti Enterprises and US-based Wal-Mart Stores entered into a joint venture in August 2007 and started cash-and-carry stores named 'BestPrice Modern Wholesale' last year.
Bharti Enterprises on Tuesday said it expected to start its life insurance venture with French major Axa by June end.
Bharti Group, which has joined hands with industry leader Wal-Mart for a foray into
While a company spokesperson said Bharti would either dilute its stake or exit the venture, the fund house is trying to rope in a bank to strengthen its distribution network. In addition, an asset management venture is seen to have closer links with banks, which are looking to offer a wide range of financial products.
While Indian telecom czar Sunil Mittal's Bharti did not share deal details, UK Business Secretary Alok Sharma said his government and Bharti Global, will provide $500 million each.
Bharti Retail, owned by Sunil Mittal's Bharti Enterprises, on Wednesday started retail operations in the country with neighbourhood store format, Easy Day, from Ludhiana in Punjab. Bharti has set up three stores in Ludhiana.Bharti has announced plans to invest Rs 10,000 crore (Rs 100 billion) to set up stores across the country by 2012. The company said that it is looking at a retail space of 10 million square feet and employ 60,000 people.
Bharti Walmart Pvt Ltd will invest over $40 million (around Rs 180 crore) in India by March next year to set up to six new 'Best Price Modern Wholesale' stores to expand presence in the country.
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the largest transactions of the year include the merger of Quality Care India and Aster DM Healthcare valued at $5.08 billion, followed by Bharti Enterprises' acquisition of a 24.5 per cent stake in the BT Group at $4.08 billion, and a family settlement transaction in the Godrej family at $3.5 billion.
Bharti Retail on Friday announced appointments of former head of Walmart India Raj Jain as its CEO and Pankaj Madan, another senior executive of erstwhile joint venture Bharti Walmart, as Chief Financial Officer.
Standard Chartered, Barclays, Citibank, Deutsche Bank are among investment banks that are involved in the process of facilitating investor meets in Asia, Europe and the United States.
PwC is the auditor of Satyam Computer Services whose founder Ramalinga raju earlier this month admitted to financial irregularities of about Rs 7,800 crore (Rs 78-billion). The newly-inducted board of the company later hired two foreign audit firms -- KPMG and Deloitte Touche Tohmatsu -- to restate the accounts books.
Bharti Enterprises will kick off its retail venture early next year, opening half-a-dozen stores -- branding of which is still being worked out with its back-end partner Wal-Mart.
Bharti Retail exuded confidence that it is 'on course' to become a billion dollar company by 2015, and will open 40 more stores in the next three months notwithstanding the economic slowdown.
Wal-Mart's experience and sourcing skills will help Bharti roll out stores fast and sell at competitive prices.
The Bharti Group will on Monday announce a tie-up with Walmart for its retail operations, under which the world's largest retailer would manage the back end operations.
Sunil Mittal-promoted Bharti Enterprises, offering telecom services, on Wednesday picked up 4.99 per cent stake in private sector Bank of Punjab for a consideration of Rs 24.52 crore (Rs 245.2 million).
India's largest private telecom operator Bharti is eyeing 25 million subscribers in the next two years and expects to close the fiscal with 12 million customers.
Middle-class Indian consumers should, of course, sit back and watch the action on the shop floor.
Bharti Enterprises vice chairman and managing director Rajan Mittal said most of these will be Easyday stores.
The world's largest retail chain, the $446-billion Walmart, is likely to be the first international player to take off in India with its supermarket format. The Bentonville-based US giant is, in fact, ready with a network of 195 stores across India if it decides to extend its back-end and cash-and-carry partnership with Bharti Enterprises to front-end retail.
Sunil Mittal-owned Bharti Group has formed a consortium with Changi Airport of Singapore (a 50:50 joint venture) to bid for the development and management of Delhi and Mumbai airports.
From its lows this month, the stock of Bharti Airtel is up 14 per cent. The gains for the telco have come on the back of expectations that market share consolidation, tariff hike and lower capex should boost margins and profits. While the company is a key player in the Indian market, it also has a leadership position in major markets of Africa.
Reliance Industries, Tata Chemicals, Bharti Enterprises' Fieldfresh and Indian Oil are among several large companies that have evinced interest in leasing closed sugar mills that the Bihar government is offering, mainly to exploit opportunities to make ethanol to meet mandatory petrol blending norms that were introduced this year.
Reliance holds 67.03% of Jio Platforms Limited and the public listing would provide an exit to many investors.
Bharti Airtel, India's leading private telecom service provider, is keen to acquire a player similar in size to South African giant MTN in the emerging markets to become a global brand, said Akhil Gupta, deputy group CEO and managing director of Bharti Enterprises.
Bharti Airtel, India's leading private telecom service provider, is keen to acquire a player similar in size to South African giant MTN in the emerging markets to become a global brand, said Akhil Gupta, deputy group CEO and managing director of Bharti Enterprises.
In a letter dated November 30, the PMO asked the commerce ministry to prepare a detailed note on the venture, in the anticipation that it would come up for discussion in Parliament.
Bharti and Wal-Mart JV will be critical for the US giant to study the Indian scenario.
After ending its wholesale partnership with Walmart, Bharti Retail has decided to merge with the Future group
Former Walmart India head Raj Jain has been roped in as an advisor by the Bharti Group, which on Wednesday parted ways with the US retail giant to operate stores independently in India.
January 22, 2024 has passed into history. Scenes from a day of religious fervour in many parts of India.
Jefferies has identified 11 stocks set to benefit from long-term macro trends like capital expenditures, government manufacturing initiatives, and financialisation.
US retail giant Walmart has asked the government for more time to convert $100 million of debentures held in a Bharti Group unit, an investment that's being investigated for alleged violation of norms.
The company received a fresh equity infusion in 2012-13.
