Reliance Industries said on Friday it would buy Bharti Enterprises's stakes in two insurance joint ventures with France's AXA to build on moves beyond its core energy business.       

Reliance has diversified into the telecom, retail, financial services and hospitality sectors in recent years.       

The company, with interests in refining, petrochemicals, oil and gas exploration, has posted record profit for the past two quarters but its shares have been pressured due to slowing gas output from its key gas block off India's east coast.       

Reliance's billionaire owner Mukesh Ambani last week said the company planned to invest aggressively in retail and would launch a 'cash-and-carry' or wholesale business.       

In March, Reliance agreed to set up a joint venture with D.E. Shaw Group to build a financial services company. Reliance declined to comment on the financial terms of the deal with AXA.

On completion, Reliance Industries and and its associate Reliance Industrial Infrastructure Ltd would effectively own 57% and 17%respectively in each insurance venture, the company said in a statement.      

Bharti set up the ventures with AXA, Europe's second biggest insurer, in 2006 and held a 74% stake in both Bharti AXA Life Insurance and Bharti AXA General Insurance.       

Bharti is also in the process of offloading its stake in an asset management joint venture with AXA.       

Bharti Enterprises, which controls leading Indian telecoms firm Bharti Airtel, said it will use proceeds from the sale towards other group businesses in India and abroad.       

It said the ventures with AXA did not fit its long-term growth plans.