FRANKFURT (Reuters) -The German insurer Allianz mentioned on Monday that it was promoting its 26% stake in two joint ventures with India’s Bajaj Finserv to the Bajaj Group for round 2.6 billion euros ($2.84 billion).
Final yr, Bajaj Finserv had mentioned that Allianz was contemplating exiting the joint ventures, ending a decades-old partnership.
Allianz mentioned in its announcement that India remained an essential progress market and it could discover new alternatives there.
The Germany firm had tried unsuccessfully to extend its stake within the Bajaj joint ventures, two individuals with information of the state of affairs instructed Reuters.
One of many individuals mentioned that Allianz was exploring a attainable enterprise with the Mukesh Ambani-led Reliance Group agency Jio Monetary Providers.
Bloomberg first reported the talks of the attainable partnership final yr.
($1 = 0.9158 euros)
(Reporting by Alexander Huebner and Tom SimsEditing by Tomasz Janowski and Sabine Wollrab)
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