The Competition Commission of India (CCI) has given approval for the Bajaj Group’s acquisition of Allianz SE’s 26% stake in their joint life and general insurance ventures, Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company. The deal, valued at Rs 24,180 crore, is the largest in the country’s insurance sector. With this acquisition, the Bajaj Group’s ownership in these companies will increase to 100% from 74%. The acquisition is being carried out by Bajaj Finserv, Bajaj Holdings & Investment, and Jamnalal Sons, who will buy the 26% stake in each of the insurance entities in phases from Allianz.
The Bajaj Group and Allianz have been partners for 24 years, but with the end of their partnership, they intend to pursue independent growth in India’s expanding insurance market. The deal also includes the acquisition of a 50% stake in Bajaj Allianz Financial Distributors by Bajaj Finserv from Allianz. Currently, this company is a 50:50 joint venture between Bajaj Finserv and Allianz.
In a separate development, the CCI has also approved the proposed acquisition of a less than 10% stake in Haldiram Snacks Food by Temasek Holdings, a Singapore-based investment firm, through its arm Jongsong Investments Pte. Haldiram Snacks Food is a leading food snacks brand with a presence in over 80 countries. The company was set up in 1937 in Bikaner, Rajasthan, by Ganga Bhishen Agarwal, and has since become a major player in the Indian snack food industry. The acquisition is part of Temasek’s efforts to invest in Indian companies with strong growth potential.
The approval of these deals by the CCI is a significant development in the Indian business landscape. The Bajaj-Allianz deal marks a new chapter in the insurance sector, while the Haldiram-Temasek deal highlights the growing interest of foreign investors in Indian companies. With these approvals, both deals are expected to be completed soon, paving the way for new growth opportunities in the insurance and snack food industries.