Reliance-owned Jio Financial Services has reached a preliminary agreement with Germany’s Allianz SE to establish an insurance business in India, according to a Bloomberg News report. This development follows Allianz’s recent agreement to sell its stake in its current joint ventures to the Bajaj Group.
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The report indicated that Jio and Allianz are finalizing the ownership structure of the new venture. Allianz is reportedly seeking a majority stake, but is also considering governance rights with the option of gaining control in the future. Neither Allianz nor Jio Financial Services have immediately responded to requests for comment from Reuters.
Allianz has previously stated that India is a crucial growth market for them and that they are actively seeking new opportunities to enhance their position within the Indian insurance market.
