Bajaj Finserv in talks with Allianz on likely JV exits

Sanjiv Bajaj said the partnerships were going “very well”, but “maybe there is a need for greater control

Bajaj Finserv Ltd. is still talking to Germany’s Allianz SE to part ways in their life and general insurance joint ventures, as the Indian financial services firm seeks greater control of the businesses.

“You can have only one captain of the ship,” Sanjiv Bajaj, chairman and managing director, Bajaj Finserv told Bloomberg TV in an interview. “We are the captain of this ship and we’ve run this ship well.”

The Pune-based lender had informed the exchanges in October that Allianz was “actively considering” exiting the JVs, in which the German firm holds 26% each.

Bajaj said the partnerships were going “very well”, but “maybe there is a need for greater control.” His comments come even as the federal budget on Saturday proposed allowing foreign investors to own 100% in the insurance sector.