Bajaj Group to buy Allianz stakes in JVs for ₹24,180 cr

The Bajaj Group will buy out Allianz SE's stakes in their two insurance joint ventures for a total of ₹24,180 crore, marking the end of its 24-year partnership with the world's largest insurer.

- Shayan Ghosh

In a late-night statement, Sanjiv Bajaj-led Bajaj Finserv said the company and other promoter firms will acquire the stakes of the German insurer in Bajaj Allianz General Insurance Co. and Bajaj Allianz Life Insurance Co. for ₹13,780 crore and ₹10,400 crore respectively.

Currently, Allianz owns 26% stake in both companies while Bajaj holds the rest.

“The execution of the share purchase agreements (SPAs) mark the culmination of constructive and amicable discussions to ensure a seamless transfer of the stake of Allianz,” Bajaj Finserv said.

Once the deal is concluded, the Bajaj Group's ownership in both insurance companies will increase to 100%.

The acquisition is subject to approvals from regulators including the Competition Commission of India and the Insurance Regulatory and Development Authority of India, Bajaj Finserv said.