Mumbai, March 18 -- The acquisition, subject to regulatory approvals from the Competition Commission of India and the Insurance Regulatory and Development Authority of India, will increase Bajaj Group's ownership in both companies from 74% to 100%.

The 24-year joint venture agreements between the Bajaj Group and Allianz SE will terminate upon completion of the first acquisition tranche (at least 6.1%) and Allianz's reclassification from promoter to investor. The agreed consideration for the 26% stake is Rs 13,780 crore for BAGIC and Rs 10,400 crore for BALIC.

The acquisition will be divided between Bajaj Finserv (approximately 1.01%), Bajaj Holdings and Investment (approximately 19.95%), and Jamnalal Sons (approximately 5.04%). Post-acq...