India's Reliance Industries Limited (RIL) has agreed to buy Bharti Enterprises' entire stakes of 74% in its life and non-life insurance joint ventures with French insurance group AXA.

Mukesh-controlled Reliance said that RIL and its associate Reliance Industrial Infrastructure will buy the stake in insurance venture firms Bharti Axa Life Insurance and Bharti Axa General Insurance.

On completion of the proposed transaction, RIL and RIIL would effectively own respectively 57% and 17% in both insurance companies and would become AXA’s joint ventures partners in India, Reliance group said.

AXA would retain its current 26% shareholding and would continue to manage the day to day operations of the joint ventures.