Bank of India close to buying 51 pct in Bharti AXA Investment

MUMBAI: State-run Bank of India is close to buying a 51 percent stake in Bharti AXA Investment Managers , a joint venture between India's Bharti Enterprises and AXA Asia Pacific Holdings Ltd , the Business Standard newspaper reported on Saturday.

"We are in an advanced stage of negotiations with Bharti AXA for picking up a majority stake in their asset management company," the report quoted an unnamed bank official as saying.

"Things have more or less fallen in place. We are just awaiting the final contours of the deal. The deal is likely to be closed by the end of this month," the official said.

Bharti Enterprises is a group company of India's top telecoms firm Bharti Airtel .

Bharti AXA officials and Bank of India officials were not immediately available to comment.

Given the 60 per cent debt component in Bharti AXA's portfolio, the value of the deal is likely to be two-three per cent of the assets under management, the report said citing industry sources.

By December-end, Bharti AXA was managing assets worth 4.12 billion rupees, it added.

Bank of India officials could not be reached immediately for a comment by Reuters.

Source: EconomicTimes