Reliance Industries Limited (‘RIL’) and its associate Reliance Industrial Infrastructure Limited (‘RIIL’) announce today that negotiations on the contemplated acquisition by RIL and RIIL of Bharti’s shareholding of 74% in Bharti AXA Life Insurance Co. Ltd and Bharti AXA General Insurance Co. Ltd are being jointly terminated as a result of the parties being unable to reach agreement on the long term vision and joint governance of the ventures.
On June 10, 2011, AXA and RIL announced that the parties had reached an understanding on this transaction, 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.
Reliance Industries Ltd.
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Reliance Industries Limited (RIL) is India’s largest private sector company on all major
financial parameters with a turnover of INR 2,58,651 crore (US$ 58.0 billion), cash profit of
INR 34,530 crore (US$ 7.7 billion), net profit of INR 20,286 crore (US$ 4.5 billion) and net
worth of INR 1,51,540 crore (US$ 34.0 billion) as of March 31, 2011.
RIL is the first private sector company from India to feature in the Fortune Global 500 list of
'World's Largest Corporations' and ranks 119th amongst the world's Top 200 companies in
terms of profits. RIL ranks 68th in the Financial ‘Times FT Global 500’ list of the world's
largest companies. RIL is ranked amongst the ’50 Most Innovative Companies - 2010' in
the World in a survey conducted by the US financial publication - Business Week in
collaboration with the Boston Consulting Group (BCG). In 2010, BCG also ranked RIL as
the second highest ‘Sustainable Value Creators’ for creating the most shareholder value
over the decade in the world.