Billionaire Mukesh Ambani-controlled Reliance group is in talks to buy the stake held by Bharti Enterprises in an Indian insurer joint venture with AXA Group, the Economic Times reported on Friday.

The discussions with Bharti have not yet reached a conclusion, the newspaper quoted people familiar with the matter as saying.

Reliance group, which controls energy major Reliance Industries, is keen to enter insurance and has been approached by two to three companies but is yet to finalize a partner, the paper said, quoting a senior executive familiar with Reliance' financial sector plans.

A Reliance spokesman said the company does not comment on market speculation. Bharti could not immediately be reached by Reuters for a comment.

Bharti AXA is a joint venture between Bharti Enterprises, which controls leading Indian telecoms firm Bharti Airtel, and AXA, Europe's second biggest insurer.
Last month, Reliance Industries said it agreed to set up a joint venture with D.E. Shaw Group to build a financial services company.