The Foreign Investment Promotion Board has already cleared Axa's proposal to infuse Rs 24.55 crore (Rs 245.5 million) for its 26 per cent stake in the proposed joint venture last week.
"We have got the FIPB approval. License from insurance regulator IRDA is awaited. We expect to start the insurance venture by June end," Sunil Mittal, chairman, Bharti Group said.
An agreement to set up Bharti AXA Life Insurance Company Ltd was signed in August last year between the two companies.
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