Shardul Amarchand Mangaldas & Co represented Bajaj Finserv Limited, Bajaj Holdings & Investment Limited and Jamnalal Sons Private Limited (collectively, a part of the Bajaj Group) in securing unconditional approval from the Competition Commission of India (CCI) for their proposed acquisition of 26% stake of each of Bajaj Allianz Life Insurance Company Limited (BALIC) and Bajaj Allianz General Insurance Company Limited (BAGIC) from Allianz SE (Allianz).
The transaction also involves the proposed acquisition by Bajaj Finserv Limited of 50% stake in Bajaj Allianz Financial Distributors Limited (BAFDL) from Allianz. This is set to be one of the largest and most significant transactions in the Indian insurance sector in recent times and was approved by the CCI in record time.
The SAM Competition Law Team comprised Harman Singh Sandhu (Partner), Aman Singh Sethi (Partner), Ritesh Puri (Senior Associate) and Associates - Natalia Bilimoria and Pranika Goel.
This strategic exit by Allianz comes after a 24-year-long partnership, as the German insurer reconsiders its India strategy in light of evolving foreign investment norms and competitive dynamics. The move gives Bajaj Group complete operational control over its insurance businesses, potentially allowing for faster innovation, seamless integration, and future listings. Meanwhile, Allianz is reportedly exploring new opportunities in the Indian financial services market, possibly including fresh partnerships.
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