India’s Bajaj Group has acquired a 23% stake in its insurance subsidiaries from Allianz SE for 213.90 billion rupees ($2.38 billion), group firm Bajaj Finserv said on Thursday.
The acquisition gives Bajaj Finserv complete control of Bajaj General Insurance and Bajaj Life Insurance with a 75.01% stake and raises the group’s overall holding in the two companies to 97%.
The transfer of Allianz’s remaining 3% stake is expected to be completed over the next few months through a proposed buyback of shares by the insurance firms, Bajaj Finserv said.
The deal, the largest ever in the Indian insurance sector, brings a 24-year joint venture between Bajaj Finserv and the German insurer to an end.
($1 = 89.9160 Indian rupees)