In Talks With JV Partner On ‘Various Options’: Bajaj Finserv

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New Delhi: Bajaj Finserv on Monday said it is in initial discussions with its German joint venture partner Allianz in the life and general insurance businesses on “various options”.

Stock exchange BSE had sought clarification from the firm regarding media reports that Bajaj Finserv may buy Allianz’s stakes in Bajaj Allianz Life.

Bajaj Finserv is the financial services unit of Bajaj Holdings and Investments. It has a 74 per cent stake each in both the ventures.

“After the recent amendment to the Insurance Act, increasing the limit for foreign investment in insurance companies, initial discussion between Bajaj and Allianz are on, on various options,” Bajaj Finserv said in a filing to the BSE.

“No formal conclusion/agreement has been reached as on date and hence there is nothing to be reported at this stage,” it added.

Queries sent to Bajaj Finserv did not elicit any response.

Shares in Bajaj Finserv, on Monday, ended 4.93 per cent higher at Rs 2,177.85 apiece on the BSE, whose benchmark Sensex index finished up 0.02 per cent.