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The Competition Commission of India (CCI) has approved the proposed acquisition of Bajaj Allianz Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, and Bajaj Allianz Financial Distributors Limited by Bajaj Finserv Limited, Bajaj Holdings and Investment Limited, and Jamnalal Sons Private Limited.

The combination involves acquiring 26 per cent paid-up equity share capital of Bajaj Allianz Life Insurance and General Insurance companies by Bajaj Finserv Limited (BFS), Bajaj Holdings and Investment Limited (BHIL), and Jamnalal Sons Private Limited (JSPL) from Allianz SE. BFS will also acquire 50 per cent equity share capital of Bajaj Allianz Financial Distributors Limited (BAFDL) from Allianz.

BFS is a listed public limited company engaged in financial services including consumer and SME finance, housing finance, insurance, broking, mutual funds, and venture investing. BHIL is a holding and investment company registered as a non-banking financial company. JSPL is an unregistered core investment company.

Bajaj Allianz Life Insurance and General Insurance companies are joint ventures between BFS and Allianz, with BFS holding 74 per cent equity in both. BAFDL is a 50:50 joint venture registered as a corporate agent for life and general insurance.

The detailed order of the Commission will follow.

Source: Press Information Bureau, Competition Commission of India