But media reports estimate the amount at Rs 1,600 crore (about $210 million) which will be paid in two stages. Axis Bank expects the transaction to complete in six to nine months, subject to regulatory approvals from the central bank, the Competition Commission of India, and other regulators. The joint venture is expected to "significantly improve" Max Life's competitive position against its competitors, including the other large bank-owned private life insurers. Axis Bank shares are trading 3.76 per cent higher at ₹443 on Tuesday.