Bajaj Finserv to Buy Out Allianz’s Stake for ₹24,180 Crore
Bajaj Finserv is set to acquire Allianz SE’s 26% stake in Bajaj Allianz General Insurance (BAGIC) and Bajaj Allianz Life Insurance (BALIC) for ₹24,180 crore. This will increase Bajaj Group’s ownership in both companies to 100%.
The deal marks the end of a 24-year partnership with Allianz. Bajaj will pay ₹13,780 crore for BAGIC and ₹10,400 crore for BALIC. Sanjiv Bajaj, Chairman & MD of Bajaj Finserv, stated that full ownership will help drive future growth.
The acquisition is subject to approvals from regulatory bodies like the Competition Commission of India and the Insurance Regulatory and Development Authority of India.