Billionaire business, Mukesh Ambani-led Reliance Industries (RIL) has said that its has called of a deal on the planned acquisition Bharti’s 74% stake in Bharti AXA Life Insurance Company and Bharti AXA General Insurance Company.

The deal has been cancelled mutually along with France’s AXA as the two parties were unable to reach an agreement on the long term vision and joint governance of the ventures, according to a statement from the companies. France’s AXA holds the remaining 26% stake in the two insurance companies.

Sandeep Ghosh, CEO of Bharti AXA Life said, “The termination of the negotiations with RIL has no effect on our clients, our distributors, partners and employees. We will continue with business as usual, serving our clients, distributors and partners with top quality products and services.”

AXA and RIL had earlier announced that they have reached an understanding on the acquisition transaction. The two companies were planning to enter a legally binding agreement between RIL, Reliance Industrial Infrastructure (RIIL) and AXA. The two companies were also applying for necessary approvals from the Insurance regulatory and Development Authority (IRDA).

Marita Rouhof, an official spokesperson of AXA Asia said that it wants to keep the negotiations for the deal a secret and thus cannot reveal any information about the deal.