Shardul Amarchand Mangaldas & Co. (SAM & Co.) advised Bajaj Finserv Limited (Bajaj Finserv), a leading financial group in India, on the proposed acquisition of Allianz SE’s (Allianz) 26% stake in their insurance joint ventures, Bajaj Allianz General Insurance Company Limited (BAGIC) and Bajaj Allianz Life Insurance Company Limited (BALIC). The acquisition is valued at approximately INR 24,000 crores.
The transaction will result in Bajaj Group’s ownership increasing to 100% in both BAGIC and BALIC, pending regulatory approvals from the Competition Commission of India and the Insurance Regulatory and Development Authority of India. This deal is significant in the insurance industry, making it one of the largest in recent times.
SAM & Co.’s transaction team, led by Shailaja Lall and Akshay Sachthey, advised on insurance and corporate law aspects. The team was supported by other experts, including Anupam Choudhary, Poorvisha Jindal, and Nidhi Lakhotia. Dr. Shardul S. Shroff, the executive chairman, provided strategic input.
The team also included Harman Singh Sandhu, Aman Singh Sethi, Ritesh Puri, Natalia Bilimoria, and Pranika Goel, who advised on competition law aspects, and Gouri Puri, Rahul Yadav, and Nimish Malpani, who advised on tax aspects. Additionally, Manjari Tyagi, Deepika Goyal, and Swarnim Pankhuri provided security law input.
The proposed acquisition requires regulatory approvals, and the company is expected to achieve 100% ownership in BAGIC and BALIC once the transaction is complete.