The Competition Commission of India (“CCI”), vide Press Release No. 24/2025-26,[1] dated May 20, 2025, has approved the proposed combination involving the acquisition of various Bajaj Allianz entities by Bajaj Finserv Limited (“BFS”), Bajaj Holdings & Investment Limited (“BHIL”), and Jamnalal Sons Private Limited (“JSPL”). This approval paves the way for BFS, BHIL, and JSPL to acquire significant stakes in Bajaj Allianz Life Insurance Company Limited (“BALIC”), Bajaj Allianz General Insurance Company Limited (“BAGIC”), and Bajaj Allianz Financial Distributors Limited (“BAFDL”) from Allianz SE (“Allianz”).
Details of the Proposed Combination:
- Acquisition of BALIC and BAGIC: The proposed combination involves the acquisition of 26% (Twenty Six Percent) paid-up equity share capital of both BALIC and BAGIC by BFS, BHIL, and JSPL from Allianz.
BFS, which already holds a 74% (Seventy Four Percent) stake in both of these entities, is set to increase its control over the 2 (two) insurance businesses.
- Acquisition of BAFDL: BFS is also set to acquire 50% (Fifty Percent) paid-up equity share capital of BAFDL from Allianz. BAFDL is a joint venture between BFS and Allianz, and BFS currently holds a 50% (Fifty Percent) stake in the company.
Key Entities Involved:
- BFS, is a listed public limited company incorporated under the Companies Act, 1956. It operates as a promoter of financial services and an aggregator of healthcare services through its subsidiaries. BFS is an unregistered Core Investment Company (“CIC”) under the Core Investment Companies (Reserve Bank) Directions, 2016. It is primarily involved in providing a wide range of financial services through its subsidiaries, including consumer and SME finance, housing finance, general insurance, life insurance, broking, mutual funds, and venture investing.
- BHIL, is a listed public limited company incorporated under the Indian Companies Act, 1913. It is a Non-Banking Financial Company – Investment and Credit Company (NBFC-ICC), registered with the Reserve Bank of India (“RBI”). BHIL acts as a holding and investment company, primarily focusing on investment activities.
- JSPL, is a private limited company incorporated under the Companies Act, 1913. It is classified as an Unregistered CIC under the RBI regulations and is involved in investment activities similar to BHIL.
- BALIC, is a joint venture between BFS and Allianz SE. BFS holds a 74% (Seventy Four Percent) stake in the company. BALIC is engaged in providing life insurance services and is registered with the Insurance Regulatory and Development Authority of India (IRDAI).
- BAGIC, is another joint venture between BFS and Allianz SE, with BFS holding a 74% (Seventy Four percent) stake. It is engaged in providing general/non-life insurance products and is also registered with IRDAI.
- BAFDL, is a 50:50 joint venture between BFS and Allianz, primarily serving as a corporate agent for life and general/non-life insurance businesses. It is registered with IRDAI and also offers manpower and recruitment support services through a wholly owned subsidiary.
[1] https://www.cci.gov.in/media-gallery/press-release/details/527/0