Melbourne-based Axa Asia Pacific is poised to sign an agreement with a joint venture partner in India over the next few months.

Speaking at a press conference after Axa’s AGM last week, CEO Les Owen said Axa is in discussions with “a small number” of potential joint venture partners. It is also talking to Indian regulators and Government representatives.

“We hope that we will reach an agreement in principle over the next few months,” he said.

While Australia and Hong Kong continue to lead Axa’s Asia Pacific earnings, the company wants to expand in the Asian region and has set aside $150-300 million to push growth into the markets of China and India. Malaysia is also seen as a possibility for growth.

Mr Owen says Axa could spend between $50-70 million over three years on an Indian joint venture, in which Axa would have a maximum equity stake of 26% under Indian foreign investment laws.