JSA Advocates & Solicitors and Shardul Amarchand Mangaldas & Co. (SAM) advised on Allianz SE’s sale of stake in life insurance and non-life insurance joint ventures with Bajaj Finserv to the Bajaj promoter Group (Bajaj) for EUR 2.6 billion.

The transaction involves Allianz SE selling its minority stakes in India’s leading life and general insurance joint ventures to the Bajaj promoter group for approximately EUR 2.6 billion. Upon completion, Bajaj will hold 100% ownership of BALIC and BAGIC and acquire Allianz’s 50% stake in BAFDL. The first tranche of 23% stakes closed on January 8, 2026, with the remaining 3% expected to close by Q2 2026. This is set to be one of the largest and most significant transactions in the Indian insurance sector in recent times and was approved by the CCI in record time.

JSA Advocates & Solicitors advised Allianz SE on the sale of its 26% stakes in Bajaj Allianz Life Insurance Company Limited (BALIC) and Bajaj Allianz General Insurance Company Limited (BAGIC), as well as its 50% stake in Bajaj Allianz Financial Distributors Limited (BAFDL). The team provided end-to-end legal support, including structuring, drafting and negotiating transaction documents, securing regulatory approvals, and closing the transaction.

The transaction team included Partners Venkatesh Raman Prasad and Ronak Ajmera, Principal Associate Ankita Jain, Senior Associates Udit Rao and Saloni Birla, and Associate Marvel Soni. The direct tax team included Partner Kumarmanglam Vijay and Associate Aditya Patadia. The competition law team included Partners Vaibhav Choukse and Ela Bali, Principal Associate Nripi Jolly, and Senior Associate Aditi Khanna. The regulatory advisory team included Partner Dheeraj Nair, Principal Associate Vishrutyi Sahni, and Associate Ridhima Sharma.

Shardul Amarchand Mangaldas & Co. Advised the Bajaj Group (Bajaj Finserv Limited, Bajaj Holdings & Investment Limited, and Jamnalal Sons Private Limited) on obtaining unconditional Competition Commission of India (CCI) approval for the acquisition of Allianz’s stakes.

The competition law team included Partners Harman Singh Sandhu and Aman Singh Sethi, Senior Associate Ritesh Puri, and Associates Natalia Bilimoria and Pranika Goel. The transaction team included Partners Shailaja Lall and Akshay Sachthey, Partner Uday Opal (insurance regulatory), Senior Associate Poorvisha Jindal, and Associate Nidhi Lakhotia.