French Insurer AXA and Bharti Enterprises have fastened
their seat belts to carve a substantial niche in Indian real estate.
The same seems to have encouraged them to launch a realty fund
in the country, extending their current partnership for insurance
and asset management.
The two firms are holding high level talks to finalize the joint
venture for a realty fund, says Sunil Mittal, Chairman of Bharti
Enterprises, which holds 74 per cent in ventures for general insurance
and life insurance with AXA.
Both the firms are also looking forward to launch venture for
asset management. The industry has been able to attract large
interests from the prominent players like Citigroup, Goldman Sachs,
AIG, 3i and Deutsche Bank. The credit also goes to the Indian
government that has relaxed the rules on foreign investment
in real estate.
Morgan Stanley Real Estate and Merrill Lynch Capital
Markets Espana SA hold stakes in Indian construction companies.
