Bajaj Acquires Allianz’s 26% Stake in Insurance JVs for ₹24,180 Crore

In a record ₹24,180 crore deal, Bajaj Finserv will acquire Allianz SE's 26% stake in Bajaj Allianz General Insurance (BAGIC) and Bajaj Allianz Life Insurance (BALIC), ending a 24-year-old partnership. The acquisition, involving ₹13,780 crore for BAGIC and ₹10,400 crore for BALIC, will give Bajaj Gro...

In a record ₹24,180 crore deal, Bajaj Finserv will acquire Allianz SE's 26% stake in Bajaj Allianz General Insurance (BAGIC) and Bajaj Allianz Life Insurance (BALIC), ending a 24-year-old partnership. The acquisition, involving ₹13,780 crore for BAGIC and ₹10,400 crore for BALIC, will give Bajaj Group full ownership of both companies, increasing its stake from 74% to 100%. The deal will be executed in phases, pending the Competition Commission of India (CCI) and IRDAI approvals. Bajaj Finserv plans to leverage single ownership to drive long-term value creation and increase its presence in India's insurance sector. Sanjiv Bajaj, Bajaj Finserv Chairman, appreciated the heritage of the alliance and was positive towards the ability of the acquisition to propel customer experience and financial vigor. Source: Economic Times, Business Today