Allianz to exit its Indian joint ventures

India's Bajaj Finserv Group has announced that the German group Allianz intends to exit its insurance joint ventures Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance, thus ending a long-standing partnership. Negotiations are in their early stages.

Bajaj Finserv and Allianz each hold 74% and 26% respectively of the capital of the two joint ventures. Sources close to the matter reported that the German insurer was looking to increase its stake in both entities at a reduced price, a proposal that was turned down by Bjajaj.

Allianz is currently looking to acquire stakes in other local companies to maintain its presence in India.