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Allianz sells its stake in Indian insurance joint ventures to Bajaj Finserv for $2.84 billion.
German insurer Allianz SE is selling its 26% stake in its Indian joint ventures, Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company, to Bajaj Finserv for about €2.6 billion ($2.84 billion).
This ends a 24-year partnership, with Bajaj Finserv set to gain full ownership of both companies following regulatory approvals.
The deal is expected to take several months to complete.
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