Investing.com -- German insurance company Allianz (ETR:ALVG) announced on Monday that it is selling its 26% stake in two joint ventures with India’s Bajaj Finserv (NSE:BJFS). The stake, which is being purchased by the Bajaj Group, is valued at approximately 2.6 billion euros ($2.84 billion).
This sale marks the end of a long-standing partnership. Bajaj Finserv had previously indicated last year that Allianz was contemplating its exit from the joint ventures.
Despite the sale, Allianz emphasized that India continues to be a significant growth market for them. The insurer expressed its intention to seek new opportunities in the country.
In the past, Allianz had attempted to increase its stake in the Bajaj joint ventures but was unsuccessful, according to individuals familiar with the matter.
Allianz is also reportedly considering a potential venture with Jio Financial Services (NSE:JIOF), a firm under the Mukesh Ambani-led Reliance (NSE:RELI) Group. This was first reported by Bloomberg last year.
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