Bajaj Finserv and other promoter entities have agreed to acquire Allianz’s 26% stake in their two joint ventures (JVs) – Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC).

The stake will be acquired by the Bajaj Group. Allianz SE has signed binding agreements with Bajaj Finserv Ltd. to sell its 26% stake in Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company for approximately $2.

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.