Allianz, the German insurer, announced on Monday that it is selling its 26% stake in two joint ventures with Bajaj Finserv in India to the Bajaj Group for approximately 2.6 billion euros ($2.84 billion).
Last year, Bajaj Finserv had considered exiting the joint ventures, putting an end to their long-standing partnership.
Allianz stated in its announcement that India remains a crucial growth market for them, indicating an interest in exploring new opportunities in the country.
Despite efforts to increase its stake in the joint ventures, Allianz was unsuccessful, according to two sources familiar with the matter who spoke to Reuters.
One of the sources mentioned that Allianz is contemplating a potential collaboration with Jio Financial Services, a firm under Mukesh Ambani's Reliance Group.
Bloomberg had first reported on the potential partnership last year.
($1 = 0.9158 euros)