India, Sept. 9 -- Jio Financial Services Ltd (JFSL) on Tuesday announced the incorporation of a joint venture company with Germany's Allianz to enter the reinsurance business in India.
The new entity, named Allianz Jio Reinsurance Ltd (AJRL), has been set up with an initial investment of Rs 2.5 lakh through the subscription of 25,000 equity shares of Rs 10 each, giving both partners a 50% stake.
According to JFSL's regulatory filing, AJRL was incorporated following the receipt of a no-objection certificate from the Insurance Regulatory and Development Authority of India (IRDAI).
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