Allianz Offloads Stakes in Indian Joint Ventures
Munich-headquartered insurer Allianz is selling its stakes in two Indian joint ventures.
Allianz has entered into a binding share purchase agreement with Bajaj Finserv to sell its 26 percent stake in its non-life and life insurance joint ventures – Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company – to the Bajaj Group for around 2.6 billion euros ($2.8 billion), according to a statement.
The deal, which is subject to obtaining regulatory approvals, was a result of «constructive and amicable talks».
According to Allianz, India continues to be one of its growth markets and the German insurer will explore new opportunities in the country as «not only as an investor but also as an operator».
