Bajaj Group seeks CCI nod to acquire Allianz’s stake in ₹24,180-cr deal

The Bajaj Group has sought approval from the Competition Commission of India (CCI) to purchase Allianz SE’s 26 percent share in their joint life and general insurance ventures, as reported by The Economic Times. The agreement, worth ₹24,180 crore, will mark the biggest transaction in India’s insurance sector so far.

Through this acquisition, Bajaj Group’s stake in both Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company will rise to complete ownership from 74 percent. The agreement marks the conclusion of a 24-year partnership between Bajaj and the German insurer Allianz, with each side choosing to follow separate strategies in India’s swiftly expanding insurance market.

The application was submitted by three entities from the Bajaj Group: Bajaj Finserv, Bajaj Holdings & Investment, and Jamnalal Sons. These entities will acquire Allianz’s stake gradually.

The suggested merger additionally includes Bajaj Finserv obtaining Allianz’s 50 percent share in Bajaj Allianz Financial Distributors in one go. This financial services division is now functioning as a 50-50 joint venture between the two firms.

The companies mentioned are said to possess small market shares, do not have leading roles, and encounter strong rivalry — all under a highly regulated industry structure, as noted in the report. Bajaj Group has stated that the transition from joint to sole control would not change market conditions, considering the fragmented and competitive characteristics of the insurance and financial services industries in India.

Earlier, the chairman of Bajaj Finserv had mentioned that the merged insurance operations, created in collaboration with Allianz, had exceeded ₹40,000 crore in premium volumes. He proposed that complete ownership would generate extra value for shareholders. The antitrust authority will conduct an impartial evaluation prior to reaching a conclusion.