Bharti AXA General Insurance announces Rs 60 cr capital infusion

NEW DELHI: Bharti AXA General Insurance announced an infusion of additional capital of Rs 60 crore in the general insurance firm, taking the total shareholder capital to Rs 190 crore. The general insurance firm is a 74:26 joint venture between Bharti Enterprises and global financial services firm AXA, where the Indian business group holds the majority stake.

The insurer is looking at boosting its operations across India and has infused capital towards branch network expansion and IT systems. Currently it has offices in more than 17 locations across the country and has plans to ramp up its presence to 29 locations by the end of this financial year.

The capital infusion will provide us the financial flexibility to pursue our expansion plans and maximise our core strengths for takeholders and customers, said Bharti AXA General Insurance CEO Milind Chalisgaonkar. The company also plans to spruce up recruitments and add up over 2,500 agents in the next few months. It currently has over 300 agents and over 500 employees.