BUSINESS
The latest report suggests Ambani's Jio Financial Services and Allianz SE are in talks for a joint venture to establish a general insurance and life insurance company.
Amid reports of Allianz’s exit from Bajaj Finserv, billionaire Mukesh Ambani-led Jio Financial Services are reported to set up a joint venture with the German financial services. The two multinational companies are planning to collaborate in the insurance sector in India.
According to Bloomberg, Allianz and Jio Financial Services are aiming to establish a general insurance and life insurance company. The discussions are in the early stages, and there is no confirmation if the two parties will proceed with the plan. Both Jio Financial and Allianz refused to comment on the ongoing speculations. Earlier, Jio announced its collaboration with Blackrock Inc. to venture into the asset management industry in India.
This development comes after Allianz indicated to end of a two-decade-old partnership with Bajaj Finserv. The German company has been looking to buy new stakes in new insurance firms to retain its presence in the South Asian country. "Allianz has indicated to Bajaj that given its strategic priorities, it is actively considering an exit from the life and general insurance joint ventures. It has indicated that it remains committed to the Indian insurance market but will not speculate on alternatives," said Bajaj Finserv in an exchange filing on Tuesday. Bajaj Finserv and Allianz are partners in Bajaj Allianz General and Life Insurance companies.
The reports suggest that Allianz’s exit is in the wake of a dispute over the direction of the partnership. Bajaj Finserv is reportedly not allowing the German insurer to raise its stake at a discounted price, said the report. German insurer Allianz and Bajaj Group formed a partnership in 2001 with Allianz holding a 26 per cent stake. Its exit from Bajaj Group will prompt the Indian company to either buy out or stake a sale to new investors or disinvestment through IPO. The split will not affect the operations of the company as the foreign partner’s participation is limited to board level.
Diwali 2024: When is Deepawali, October 31 or November 1? Check dates, mahurat timings and more
JEE Main 2025 exam date to release TODAY: Know how to register, check exam calendar HERE
Jhalmuri fever hits London: Video of British man selling Kolkata-style street food goes viral, watch
SC slams Centre as Delhi air worsens, calls environment laws...
Ex-cricketer suggests replacing KL Rahul with THIS batsman for 2nd Test vs NZ, he is…
TMC MP Kalyan Banerjee smashes bottle, hurls it towards Chair in row over Waqf meet
Know how Mukesh Ambani and Nita Ambani's children Isha Ambani and Akash Ambani got their names
Family finds venomous snakes under their bed, what happened next will leave you in shock
This company's Vice President gets fired after raise and bonus, reason will leave you shocked
Mukesh Ambani-led Jio Financial eyes JVs with Allianz SE in insurance sector
IMD's BIG update: Cyclone Dana forms over Bay of Bengal, to cross Odisha-Bengal coasts on...
This company gifts cars as Diwali bonus, calls its employees celebrities, is owned by…
When Ratan Tata opened up about his parents separation, first love and childhood, he said...
Blow to Mukesh Ambani ahead of Isha Ambani, Akash Ambani's birthday, Reliance stocks...
Saudi Arabia's futuristic megacity project Neom a big threat to migratory birds? Experts say...
Apple CEO Tim Cook didn’t know about this iPhone feature, left speechless, know here
Mukesh Ambani's Reliance Jio offers superhit Diwali plan, unlimited 5G internet for just Rs...
Bengaluru Rains: Schools closed, WFH advisory for private companies as IMD issues yellow alert
Israel confirms killing of Hashem Safieddine, presumed successor of Hezbollah chief Hassan Nasrallah
Big move by Anil Ambani, his company to invest Rs 10000 crore to set up India's largest...
Meet Indian genius, who was born in small town, today leads AI innovations of Google, she is...
Woman stays at luxury resort worth Rs 3 lakh for free, claims she used...
Delhi AQI update: Air quality worsens to 'very poor' level at 349, becomes 'severe' in these areas
PM Modi to hold bilateral talks with Xi Jinping at BRICS Summit today
Odisha, West Bengal brace for Cyclone Dana: How was it named and what it means?
POCSO case: Mumbai Police ask Ekta Kapoor, her mother to appear for questioning tomorrow
Watch: Can you identify all the actors in this clip from 1991?
Priyanka Gandhi to file nomination for Wayanad Lok Sabha bypoll today
Meet woman, whose father used to sell milk, cracked UPSC exam with AIR 62 to become...
Delhi: No water supply in Capital for 12 hours on Friday due to…; check list of affected areas
Salman Khan resumes shooting for Sikandar amid death threats from Lawrence Bishnoi
India, Pakistan extend Kartarpur Sahib corridor agreement for five years
DNA TV Show: What is BRICS currency? Is it possible to introduce it today?
IPL 2025: Three-time IPL champion set to join Gujarat Titans as batting coach - Reports
PM Modi, Xi Jinping to hold bilateral meet on sidelines of BRICS Summit on Oct 23, first in 5 years
New Himalayan snake species named after Academy Award winner Leonardo DiCaprio, it will be called…
Cyclone Dana: Schools closed in West Bengal, Odisha for 4 days from...
Delhi govt to provide special assistance of Rs 5000 monthly to...
Rape-accused Hollywood producer Harvey Weinstein diagnosed with bone marrow cancer
IND vs NZ: Sarfaraz Khan or KL Rahul; Who will find a spot in 2nd Test? India coach says…
Mumbai Police interrogates Ekta Kapoor, her mother Shobha Kapoor in case under POCSO act
Mukesh Ambani may team up with govt to sell food products through...
Bengaluru: Several feared trapped as under-construction building collapses
Best Cheap VPS Hosting Providers: Top Picks for Hosting Under USD 10
Zomato CEO Deepinder Goyal set to raise Rs 8500 crore, says it is meant to...
BRICS Summit 2024: PM Modi meets President Putin, says India ready to cooperate in...
Meet man, Nepal's only billionaire, owns this instant noodles brand, his net worth is Rs…
‘Rohit Sharma changed Playing XI before toss’: Sanju Samson makes BIG revelation about T20 WC final
BJP leader's son marries Pakistani woman online, after he fails to get visa, watch viral video
Good news for Gautam Adani, his Rs 121000 crore company's net profit jumps 172% to Rs...
Empowering Neurodiversity: Strategies for Inclusive Supplier Diversity By Harshila Gujar
Big move by BSNL, launches 7 new services to woo users, challenge for Mukesh Ambani's Reliance Jio
India star Sarfaraz Khan blessed with a baby boy, pics go viral
Parineeti Chopra has a perfect reply to hubby Raghav Chadha's heartwarming birthday wish
'Will work with India to implement...': China on LAC patrolling agreement