Reliance Industries Ltd.

Reliance Industries, AXA and Bharti Enterprises have mutually called off a deal under which Bharti was to sell its 74% stake in two Indian insurance ventures to Reliance and a unit of the energy major Reliance Industrial Infrastructure (RIIL).

France-based AXA holds the remaining 26% stake in the two insurance companies -- Bharti AXA Life Insurance Co. and Bharti AXA General Insurance Co.

AXA and RIL had reached an understanding on this transaction on June 10, 2011, subject to negotiation and entering into legally binding agreements between RIL, RIIL and AXA, as well as obtaining necessary approvals from IRDA and other relevant/applicable approvals.

Bharti had entered into joint ventures with the AXA group in 2006 and held 74% stake in both these ventures-Bharti AXA Life Insurance and Bharti AXA General Insurance.