The two firms have had a joint venture in the insurance sector for 24 years, and the partnership will officially come to an end once the first tranche of at least 6.1% is acquired and Allianz is reclassified from a promoter to an investor.

Bajaj Finserv acquires Allianz SE's stake in insurance JVs for ₹24,180 crore, increasing ownership to 100%.

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 $2.8 billion. This marks the exit of the German insurance giant from the Indian market after 24 years.

Get latest articles and stories on Latest News at LatestLY. Financial services firm Bajaj Finserv Ltd on Monday signed Share Purchase Agreements for the acquisition of 26 per cent stake owned by Allianz SE of Germany in its insurance businesses Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company. Latest News | Bajaj to Acquire Allianz's 26% Stake in Bajaj Allianz Life and General Insurance for Rs 24,180 Cr.