Sanjiv Bajaj, chairman & managing director, Bajaj Finserv
“The acquisition of shares in accordance with the terms of the Share Purchase Agreement( SPA), is expected to be completed in the coming months, making both insurance entities wholly owned by the Bajaj Group”
Mumbai: Diversified financial services group Bajaj Finserv Limited on Tuesday announced the rebranding of its insurance businesses as Bajaj General Insurance and Bajaj Life Insurance.
Earlier, they were known as Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance.
The rebranding follows the execution of the Share Purchase Agreement (SPA) signed by the Bajaj Group early this year to acquire Allianz SE’s 26 per cent interest in its general and life insurance joint ventures, taking the Bajaj Group’s ownership to 100 per cent from 74 per cent.
“At the core, lies our belief in building responsible businesses that are ‘Made in India. Made for India. Made by India’,” said Sanjiv Bajaj, chairman & managing director, Bajaj Finserv.
The Bajaj Group has received all requisite regulatory approvals, including approvals from the Registrar of Companies, Competition Commission of India and the Insurance Regulatory and Development Authority of India, the release stated.
“The acquisition of shares in accordance with the terms of the SPA, is expected to be completed in the coming months, making both insurance entities wholly owned by the Bajaj Group,” it said.
The joint venture agreements between the Bajaj Group and Allianz SE in respect of insurance businesses will stand terminated upon the completion of the initial first tranche of acquisition of at least 6.1 per cent and reclassification of Allianz from being a Promoter to Investor.
Bajaj Finserv Ltd (BFS), an unregistered Core Investment Company (Unregistered CIC) under Core Investment Companies (Reserve Bank) Directions, 2016 is one of India’s leading promoters of financial services businesses with consolidated revenue of over Rs 1,33,822 crore (USD 15.66 billion) for FY2024-25.