New Delhi . Alianz Se (Allianz Se) Mukesh Ambani -led Jio Financial Services (Indian Life) and General Insurance Market has been engaged in efforts to re -enter the Indian Life and General Insurance Market. Earlier, Alianz had announced to abolish his 24 -year joint venture with Bajaj Group. German Financial Service Giant Alianz, Bajaj Aaliyanz General Insurance Company and Bajaj Allianz Life Insurance Company will sell their 26% stake to their Indian partners for $ 2.8 billion. This amount can be paid in many installments.

According to ET news, talks have been going on for several months between the officials of Reliance Industries, owner of Alianz and Jio Financial. This conversation intensified when it became public in the last October that Alianz is “actively considering selling his stake”. This conversation has intensified in recent weeks.

Slipped as promoter

Group (Alianz), a Munich in Germany, is clear that it wants to be at least 50% of the partners in any new venture and may be ready for a greater share. Also, he wants a more important role in management and operation. According to sources associated with the case, the Bajaj Group was not very keen to reduce its stake, which led to differences over the direction of their partnership. 100% FDI (FDI) is allowed in the insurance sector in India.

When will the formal announcement of Alianz-Jio Venture

The formal announcement of the Allianz-Jio Venture will be made when the Competition Commission of India and the Insurance Regulatory Authority of India and the Development Authority (IRDAI) will get approval. Alianz must first remove himself as a promoter.

German group in search of new opportunities

The German group considers India to be one of its growth market and will seek new opportunities that strengthen its position in the market and expand the ability to “serve as an operator along with investor”. As soon as the amount will be available, “Allianz will consider options for their use that support the company's strategic ambitions, especially in new opportunities in India.”

JFSL's plans mentioned in AGM

RIL chairman Mukesh Ambani mentioned JFSL's plans in the 2023 AGM. He had said that JFSL would “enter the insurance sector and offer smart, life, general and health insurance products, possibly in partnership with global players.”

JFSL currently has an insurance broking business. He has increased his direct-to-conjumer portfolio from 24 to 54 plans. These plans are available in categories like Auto, Health and Life. JFSL is also strengthening its institutional platform, including group term life, medical, personal accident and commercial insurance.

Intervision is a very External institutional investor

Alianz is a big foreign institutional investor in Indian equity, date and infrastructure. It has also increased FDI in India. He has invested around $ 1.5 billion in alternative investment alone. His partners include companies like Kotak Mahindra, Edelweiss and Godrej Group.

Aaliyanz has six cross-border reinuously licenses and is also the first foreign renewer in the Gift City. According to industry sources, the German company is eager to partner with a large and influential group and Reliance is a clear option.