JSA Advocates & Solicitors advised Allianz SE (“Allianz”) on the proposed sale of Allianz’s 26% stake in each of life and non-life Indian insurance joint ventures, i.e., Bajaj General Insurance Limited (formerly, Bajaj Allianz General Insurance Company Limited) (“BAGIC”) and Bajaj Life Insurance Limited (formerly, Bajaj Allianz Life Insurance Company Limited) (“BALIC”) to the Bajaj promoter group (“Bajaj”), for a total consideration of approximately EUR 2.6 billion. Upon completion of the transaction, Bajaj will acquire 100% ownership of both joint venture entities (“JVCos”).
Pursuant to the execution of the transaction documents among Allianz, Bajaj Finserv Limited and the relevant JVCos on March 17, 2025, the sale of 23% stake in each of the JVCos was completed on January 8, 2026. The sale of the remaining 3% stake is expected to be completed by the second quarter of 2026.
The transaction also included sale of Allianz’s 50% stake in Bajaj Financial Distributors Limited (formerly, Bajaj Allianz Financial Distributors Limited), a financial products distribution company, to Bajaj Finserv Limited.
JSA provided end-to-end legal support to Allianz, including structuring, drafting and negotiation of the transaction documents, advising on regulatory approvals for the transaction, assisting with completion of other conditions precedent, and closing of the transaction.
Jyoti Sagar, Chairman Emeritus & Founder, provided strategic inputs on the transaction.
The JSA transaction team comprised Venkatesh Raman Prasad and Ronak Ajmera, Partners; Ankita Jain, Principal Associate; Udit Rao and Saloni Birla, Senior Associates; with support from Marvel Soni, Associate.
The direct tax team comprised Kumarmanglam Vijay, Partner; and Aditya Patadia, Associate.
The competition law team comprised Vaibhav Choukse and Ela Bali, Partners; Nripi Jolly, Principal Associate; and Aditi Khanna, Senior Associate.
Dheeraj Nair, Partner, along with Vishrutyi Sahni, Principal Associate, and Ridhima Sharma, Associate, advised on certain issues concerning the transaction.
Ela is a partner with JSA’s competition law practice with 10 years of experience. She represents and advises clients across different sectors on enforcement and merger control matters before the Competition Commission of India (CCI), National Company Law Appellate Tribunal (NCLAT), Delhi and Bombay High Court, and the Supreme Court of India (SC).