Allianz to Sell India JV Stake to Local Partner for €2.6 Billion

Allianz SE has agreed to sell its 26% stake in Indian joint ventures for about €2.6 billion ($2.8 billion) to local partner Bajaj Group, according to a statement.

The German insurance company has entered into binding agreements with Bajaj Finserv Ltd. to sell the stakes in Bajaj Allianz General Insurance Co. and Bajaj Allianz Life Insurance Co. to Bajaj Group, it said in the statement on Monday. It may receive the proceeds in several tranches, it added.

Bloomberg News reported in October that Allianz was in talks to end the JV as there was a dispute over the direction of ...