Sanjiv Bajaj, chairman of Bajaj Finserv Lrd., during a panel session on day three of the World … [+]
Bajaj Group—controlled by the Bajaj family, among India’s wealthiest clans—agreed to buy out Allianz’ Group’s 26% stakes in their Indian insurance joint ventures for 241 billion rupees ($2.8 billion). This marks the exit of the German insurance giant from the Indian market after 24 years.
Under the deal, Bajaj Group companies, Bajaj Finserv, Bajaj Holdings and Investments and Jamnalal Sons will acquire Allianz’s 26% stake in Bajaj Allianz General Insurance Company for 137.8 billion rupees and Bajaj Allianz Life Insurance Company for 104 billion rupees, according to a stock exchange filing on Monday. The Bajaj group will own 100% of the companies once the deal is completed.
“Given the advantage of a single ownership in both companies, we are confident that the acquisition will become a big driver of value for our stakeholders in the years to come,” Sanjiv Bajaj, chairman and managing director of Bajaj Finserv, said in the statement.
Bajaj Finserv offers a range of financial services beyond insurance, including savings, consumer loans, and investments. It serves over 230 million customers through digital platforms and operates in more than 4,000 locations across India.
With a net worth of $23.4 billion, the Bajaj family controls the almost century-old Bajaj Group, best known for motorcycle maker Bajaj Auto and financial services arm Bajaj Finserv. The group was founded in 1926 by Jamnalal Bajaj. Today, it is one of India’s largest conglomerates with 40 companies with interests across automotive, electrical appliances, energy, industrial machinery and financial services.
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