India, March 18 -- Bajaj is terminating its now 24-year-old joint venture with German financial services firm Allianz SE by acquiring the latter's stake in their insurance businesses.

These insurance businesses are Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC).

For this, Bajaj Finserv signed Share Purchase Agreements (SPAs) to buy Allianz's 26 per cent stake in the businesses to gain full ownership from the current 74 per cent Bajaj owns.

The joint venture will officially get terminated upon the completion of the first acquisition tranche of at least 6.1 per cent and the reclassification of Allianz from being a Promoter to Investor, announced the company in its official statement on Mo...