Jio Financial Services ties up with Germany's Allianz for reinsurance venture
Jio Financial Services
, expanding its presence in the country's insurance market, the companies said on Friday.
Allianz and Jio Financial signed a non-binding agreement to establish a 50-50 joint venture for both general and life insurance operations in India, the companies added.
Explore courses from Top Institutes in
Select a Course Category
Artificial Intelligence
Degree
MCA
Healthcare
PGDM
Others
MBA
Finance
Leadership
Product Management
Technology
Management
Public Policy
Operations Management
CXO
Design Thinking
others
Cybersecurity
Data Science
Data Analytics
healthcare
Data Science
Project Management
Digital Marketing
Skills you'll gain:
Duration:
7 Months
S P Jain Institute of Management and Research
CERT-SPJIMR Exec Cert Prog in AI for Biz India
Starts on
undefined
Get Details
Reuters in March reported that Allianz was exploring a potential partnership with the Mukesh Ambani-led Reliance Group firm Jio Financial Services.
Bloomberg News was the first to report the talks of the possible partnership last year.
The German company is pushing forward with its expansion in the South Asian nation, describing India as an important growth market and stating it would pursue new opportunities to strengthen its position in the country's insurance sector.
Live Events
Earlier this year, Allianz had agreed to sell its 26% stake in its non-life and life insurance joint ventures with India's
Bajaj Finserv
for $2.8 billion, ending a decades-long partnership.
Economic Times WhatsApp channel
)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
a minute ago
- First Post
Allow Chinese firms have up to 24% stake in Indian companies, Niti Aayog tells govt: Report
The think tank, NITI Aayog, has proposed that Chinese companies can take a stake of up to 24% in an Indian company without any approval being required read more The Indian government's top think tank has proposed easing rules that de facto require extra scrutiny for investments by Chinese companies, arguing that the rules have meant delays for some sizeable deals, three government sources said. Currently, all investment by Chinese entities in Indian companies need to gain a security clearance from both India's home and foreign ministries. The think tank, NITI Aayog, has proposed that Chinese companies can take a stake of up to 24% in an Indian company without any approval being required, said the sources who were not authorised to speak to media and declined to be identified. STORY CONTINUES BELOW THIS AD The proposal, reported for the first time by Reuters, is part of a plan to boost foreign direct investment in India and is being studied by the trade ministry's industries department, the finance and foreign ministries, as well as Prime Minister Narendra Modi's office, the sources said. And while not all of NITI Aayog's ideas are necessarily taken up by the government, the proposal comes at a time when India and China are seeking to mend ties that have been particularly strained since border clashes in 2020. Any decision to ease might be months away and will be taken by political leaders, two of the sources said. They added that the industries department is in favour of easing, but the other government bodies are yet to give their final view. NITI Aayog, the ministries, the industries department and the prime minister's office did not reply to Reuters requests for comment. DEALS SHELVED The rules were put in place in 2020 after border clashes, including hand-to-hand fighting between the two neighbours. They only apply to land bordering nations, which affects Chinese companies the most. By contrast, companies from other countries can freely invest in many sectors such as manufacturing and pharmaceuticals, while some sensitive sectors such as defence, banking and media have restrictions. Deals such as a 2023 plan by China's BYD to invest $1 billion in an electric car joint venture have been shelved tab due to the rules, sources have said. While foreign investment has slowed globally since Russia's invasion of Ukraine, the rules hampering Chinese investment in India have been seen as a significant factor behind a large drop in the South Asian country's FDI. Net foreign direct investment in India tumbled to a record low of just $353 million in the past financial year, a fraction of the $43.9 billion logged in the year ended March 2021. STORY CONTINUES BELOW THIS AD An easing in military tensions since October has led to more efforts by both countries to mend ties, with plans for the resumption of direct flights and India seeking a 'permanent solution' to their decades-old border dispute. Indian Foreign Minister Subrahmanyam Jaishankar's made his first trip to China in five years this week, telling his counterpart that the two nations must settle tensions along their border and avoid restrictive trade measures such as China's curbs on the supply of rare earth magnets. The think tank has also recommended revamping the board that decides on foreign direct investment proposals, the sources said.
Hindustan Times
8 minutes ago
- Hindustan Times
Watch: Mahindra Scorpio N pick-up truck spotted in Nasik
Mahindra is developing a new pick-up truck based on the Scorpio N. Check Offers Mahindra is actively developing a new pick-up truck based on the Scorpio N, a concept of which was first revealed in South Africa in 2023. Recently, a test mule of this upcoming vehicle was spotted undergoing trials. The truck was not equipped with production-spec lighting, but there was a new grille, a shark-fin antenna and a tailgate. Two versions on offer Interestingly, the previous spy shots of the truck confirmed that there will be single-cab and double-cab variants, suggesting that Mahindra plans to offer multiple configurations to cater to different market demands. While an official launch timeline hasn't been announced yet, it is clear that the model is being developed as a global product, with plans to introduce it across several international markets. Because the new pick-up truck is based on the Scorpio N, both vehicles will share a number of elements. Its front-end styling may include the familiar LED projector headlamps, a bold front grille featuring the new 'Twin Peaks' Mahindra logo, and a prominent, flat bonnet. The design elements are expected to give the pick-up a rugged yet modern appearance. Also Read : Mahindra teases upcoming concept cars again ahead of August 15 unveiling. What we learnt so far Differentiation between the two cab styles is evident in the wheel choices. The single-cab version retained the alloy wheels from the Scorpio N, whereas the double-cab variant was fitted with basic steel wheels. Both versions were equipped with a roll bar that extends higher than the cabin roofline, a feature likely included for structural safety during rollovers. At the rear, the production test units appear to have halogen taillamps, which seem to replace the LED units showcased on the original concept. These halogen units resemble those used on the older Scorpio Getaway. The concept version unveiled earlier featured an impressive list of modern technologies, including Level 2 Advanced Driver Assistance Systems (ADAS), 5G connectivity, trailer sway control, multiple airbags, driver fatigue detection, and Mahindra's 4Xplore four-wheel-drive system. It is yet to be seen how many of these features will make it to the final production model. Mechanically, the upcoming pick-up is expected to share its powertrain with existing Mahindra SUVs. This likely includes a 2.0-litre turbocharged petrol engine and a 2.2-litre diesel motor. Transmission options are expected to consist of a 6-speed manual gearbox as standard, with the option of a 6-speed torque converter automatic. Check out Upcoming Cars in India 2025, Best SUVs in India. First Published Date: 19 Jul 2025, 10:28 am IST
India.com
2 hours ago
- India.com
Bad news for Mukesh Ambani, European Union single's decision on crude oil set to impact Reliance, company may face loss of....
Mukesh Ambani's makes big move, set to change very TV into..., move may effect... The European Union has recently tightened sanctions on the imports of crude oil and fuels from Russia. This may impede two major Indian oil companies – Reliance Industries Limited and Nayara Energy, both of which are the country's leading fuel exporters, which have Europe as an important export market. Mukesh Ambani, the chairman of Reliance, could sustain a financial loss due to this situation. In the 18th sanctions package, the European Union has lowered the price cap on Russian oil from $60 to 47.6 per barrel, which will be effective on September 3. Furthermore, the EU will also target any ship involved in transporting Russian oil, and sanctions have been applied to Nayara Energy. Nayara Energy, which is 49% owned by Russian oil firm Rosneft, will be prohibited from selling petroleum products in Europe. Nayara could also face barriers to banking and access to the technical support offered in Europe. Reliance Industries has a significant contract with Rosneft, which includes their purchases of discounted Russian crude oil. The company now has a tough choice. If Reliance keeps taking Russian oil, then it may lose out on the high-margin European diesel market. If it stops, though, there is a chance it could have a tough job securing affordable-priced crude oil from some other part of the globe. Reliance's refining margins are going to be under some duress either way. India has responded to recent sanctions announced by the European Union, stating that it does not subscribe to any unilateral sanction measures and emphasizing the importance of avoiding double standards, especially in the domain of energy trade. In response to media queries on the issue, Ministry of External Affairs spokesperson Randhir Jaiswal said, 'We have noted the latest sanctions announced by the European Union. India does not subscribe to any unilateral sanction measures.' 'We are a responsible actor and remain fully committed to our legal obligations,' Jaiswal said. The spokesperson further underlined that the Government of India considers the provision of energy security a critical responsibility. 'Government of India considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens. We would stress that there should be no double standards, especially when it comes to energy trade,' he added. The Ministry of External Affairs further cautioned against 'double standards' on the a press conference in the national capital, MEA spokesperson Randhir Jaiswal said, 'We have seen reports on the subject and are closely following the developments. Let me reiterate and I have said this in the past as well that securing the energy needs of our people is, understandably, an overriding priority for us. In this endeavour, we are guided by what is available in the markets, as well as by the prevailing global circumstances.' The NATO Secretary General had in his recent remarks asked India, China, and Brazil to reconsider their purchase of oil from Russia or face the prospect of '100 per cent secondary sanctions'.Rutte echoed the position taken by US President Donald Trump, who earlier this week threatened severe tariffs on countries maintaining trade with Russia. 'My encouragement to these three countries, particularly, is that if you live now in Beijing or in Delhi, or you are the President of Brazil, you might want to take a look at this because this might hit you very hard,' Rutte had said. The NATO chief had also urged India and the other countries to 'make the phone call to Vladimir Putin and tell him that he has to get serious about peace talks' with Ukraine. 'because otherwise this will slam back on Brazil, on India and on China in a massive way.' However, it will be difficult for the EU to implement the price cap given that oil is traded in US dollars – an area in which the United States has considerable authority over transactions in US dollars. In addition, the United States has not been supportive of the EU's movement. Additionally, most Indian refiners do not do business directly with European buyers. They tend to find an intermediary, which complicates the enforcement of sanctions further.
