Shardul Amarchand Mangaldas & Co. has advised Bajaj Finserv on the proposed acquisition of Allianz SE's entire 26 percent promoter stake in their insurance joint ventures, Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC).

JSA Advocates & Solicitors has represented Allianz on the deal, which is valued at approximately $2.8 billion. 

The deal, which is set to be one of the largest and most significant in the Indian insurance industry in recent times, will increase Bajaj Group's ownership in BAGIC and BALIC to 100 percent. 

The transaction marks the exit of German financial services giant Allianz from its long-standing joint ventures with Bajaj Finserv. The two companies had entered into a JV in 2001, with Allianz holding a 26 percent stake — the maximum allowed to foreign investors at that time. Although India later raised the FDI cap in the insurance sector, tensions had emerged between the partners in recent years, with Allianz keen to raise its stake, while Bajaj was unwilling to dilute its control, the Financial Express reported. 

The SAM transaction team was led by partners Shailaja Lall and Akshay Sachthey, with support from principal associate Anupam Choudhary and associates Poorvisha Jindal and Nidhi Lakhotia. 

Shardul Shroff, SAM’s executive chairman, provided inputs from a strategic perspective. Partners Harman Singh Sandhu and Aman Singh Sethi advised on the competition law aspects. Partner Gouri Puri handled the tax aspects, while partner Manjari Tyagi provided inputs from a securities law perspective.

JSA’s team was led by partners Venkatesh Raman Prasad and Ronak Ajmera, and included principal associate Ankita Jain and associate Udit Rao.