Bajaj Group Seeks Full Control Over Bajaj Allianz Insurance Ventures

Bajaj Group seeks the Competition Commission of India's approval to acquire the remaining 26% stake each in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance from Allianz SE. The acquisition will increase Bajaj Group's ownership to 100%. The transaction is expected to maintain market competition.

Bajaj Group has approached the Competition Commission of India (CCI) to secure approval for acquiring remaining stakes in its joint ventures, Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance, from partner Allianz SE.

This acquisition involves Bajaj Finserv Ltd and related entities obtaining a 26% stake in two key insurance ventures. The strategic move, announced in a CCI notice, aligns with Bajaj's long-term financial services plans and reinforces their control over insurance operations.

Despite fears of market dominance, Bajaj Group insists that the insurance sector's competitive landscape won't be impacted. The deal finalizes Bajaj's journey to complete ownership at a consideration of Rs 13,780 crore for Bajaj Allianz General Insurance and Rs 10,400 crore for Bajaj Allianz Life Insurance.

(With inputs from agencies.)