Reliance Industries enters insurance with Bharti Axa acquisition

Mukesh Ambani, chairman of India’s Reliance Industries, is expanding his business empire into insurance, putting him in direct competition for the first time with his younger brother, Anil.

He is entering the industry through an acquisition. Reliance Industries and an associate company are set to buy Bharti Enterprises’ 74% shareholding in Bharti Axa Life Insurance and Bharti Axa General Insurance. Reliance Industries, which is India’s largest private-sector company, will own 57% and Reliance Industrial Infrastructure will own 17% in both insurance companies.

Axa will continue to own 26% and manage...