Latest news with #jointventure
Yahoo
7 hours ago
- Business
- Yahoo
Allianz and Jio Financial to form reinsurance JV in India
Jio Financial Services Limited (JFSL) and Allianz Europe have agreed to establish a 50:50 reinsurance joint venture (JV) in India. The JV will combine JFSL's local market expertise and digital infrastructure with Allianz's global reinsurance and underwriting capabilities. It will utilise Allianz Re and Allianz Commercial portfolios in India, as well as the company's international resources in areas such as pricing, risk selection and portfolio management. The move follows the decision by Allianz to exit JVs with the Bajaj Group by selling its 26% stake in a $2.8bn (€2.4bn) deal, ending a 24-year partnership. JFSL non-executive director Isha Ambani said: "This partnership, combining Allianz's global reinsurance expertise with JFSL's deep understanding of the Indian market and strong digital infrastructure, aims to deliver innovative and customised reinsurance solutions to insurers. 'Aligned with the national goal of 'Insurance for All by 2047', we are committed to building a stronger and more inclusive insurance ecosystem that ensures broader access to protection for every Indian." The JV formation is contingent upon regulatory and statutory approvals. Furthermore, JFSL and Allianz have reached a non-binding agreement to form JVs for general and life insurance businesses in India, with equal ownership. Allianz CEO Oliver Bäte stated: 'We are proud to partner with Jio Financial Services to support the democratisation of access to world-class financial services for the people of India, with the opportunity to serve a growing number of consumers who are seeking the right protection for themselves, their families and their businesses.' "Allianz and Jio Financial to form reinsurance JV in India " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
3 days ago
- Business
- Reuters
Germany's Allianz ties up with India's Reliance-owned Jio Financial for reinsurance venture
July 18 (Reuters) - German insurer Allianz ( opens new tab has formed an equally-owned reinsurance joint venture in India with Reliance Group-owned Jio Financial Services ( opens new tab, 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. 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. 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.
Auto Express
3 days ago
- Automotive
- Auto Express
The Chinese car explosion continues as yet another new brand arrives in the UK
UK distributor Jameel Motors and Chinese giant GAC (Guangzhou Automobile Group) have signed a joint venture to bring several new cars to the UK market, including a hatchback and an SUV. The first two cars, the AION V SUV and the AION UT hatchback, are both fully-electric and have already been revealed for other markets so we already know plenty when it comes to their design and technical make up. Jameel Motors, the firm tasked with distributing GAC's offerings in the UK, already works with Farizon Auto in the electric van segment. The GAC cars, however, will be the first passenger vehicles Jameel Motors will have dealt with here. Jameel Motors also says 'Additional models will follow to expand the AION line-up' with first customer deliveries of the AION V and AION UT expected by spring 2026. Advertisement - Article continues below Speaking on the new venture with Jameel Motors, Wayne Wei, President of GAC International, added: 'GAC's entry into the UK marks a crucial step in its internationalisation strategy. As we set foot in this dynamic market, GAC is committed to bringing industry-leading products and first-class services to UK consumers.' The AION UT hatchback will provide a new rival to the likes of the Volkswagen ID.3, Kia EV3 and MG4 when it arrives. In other markets the AION UT is offered with a 50kWh battery or a larger 60kWh unit that can up maximum range from 210 miles to 310 miles (though this is from China's more lenient CLTC testing scheme). Two electric motor versions are offered - a 134bhp or a 201bhp model with both sending power to the front wheels. The AION V is aimed at the Renault Scenic and Skoda Enyaq as a C-segment SUV. Sitting on GAC AEP 3.0 platform, it actually shares its underpinnings with the Chinese-built Toyota bZ3X and comes with several battery sizes ranging from 62kWh to 90kWh - the latter of which can provide a range of 382 miles (WLTP). It's front-wheel drive only with either a 134bhp or a 221bhp motor. Full UK specifications and pricing for GAC's new cars will be made available later in the year as the cars near a UK launch. Our dealer network has 1,000s of great value new cars in stock and available now right across the UK. Find your new car… Find a car with the experts New Xiaomi YU7 2025 review: a world-beating new EV to worry the establishment New Xiaomi YU7 2025 review: a world-beating new EV to worry the establishment BMW or Mercedes would do anything to keep the new Xiaomi YU7 from sale in the UK and Europe, and this is why Electric Car Grant in detail: Which cars will get the UK EV discount? Electric Car Grant in detail: Which cars will get the UK EV discount? The government has set out its plan to help reduce the cost of affordable EVs by introducing a new £3,750 Electric Car Grant for new EVs sold under £3… Electric Mercedes CLA Shooting Brake will keep going long after rivals need to stop Electric Mercedes CLA Shooting Brake will keep going long after rivals need to stop The second of Merc's new-era EVs is here in the form of an attractive estate with a huge range
Forbes
3 days ago
- Business
- Forbes
Wilmar Buys Billionaire Gautam Adani's 20% Stake In Indian JV For $824 Million
Workers outside the AWL Agri Business (Previously Adani Wilmar) edible oil manufacturing unit in ... More Mundra, Gujarat, India, on Wednesday, Feb. 8, 2023. Photographer: Dhiraj Singh/Bloomberg Wilmar International—the Singapore-based palm oil giant cofounded by Malaysia's richest tycoon Robert Kuok and his nephew Kuok Khoon Hong—has agreed to buy billionaire Gautam Adani's 20% stake in their Indian joint venture company AWL Agri Business for 71.4 billion rupees ($824 million). The Adani Group has been divesting its shares in AWL. In December, Adani Enterprises announced that it intends to completely divest its stake in the company to focus on its core infrastructure businesses in renewable energy, transport, and logistics. The following month, Adani Commodities sold 13.5% of AWL to the public, raising public ownership in the company to 23%. With a market cap of $4 billion, AWL, which went public in India in 2022, is the largest consumer foods manufacturer in India, with interests in edible oils, oleochemicals as well as food staples such as rice, sugar and wheat. Upon completion of the transaction, which is pending regulatory approvals, Wilmar will own about 64% stake in AWL once the deal is completed. Adani Group plans to sell its remaining 10.4% stake in AWL to pre-identified investors, according to an announcement released on Thursday. AWL is one of over 10 joint ventures run by Wilmar, which counts Robert Kuok and his nephew Khoon Hong among its biggest shareholders. Robert, who has an estimated net worth of $12.5 billion, also has interests in Shangri-La hotels, data centers, real estate, shipping, and logistics. Khoon Hong, chairman of Wilmar, has a net worth of $3.4 billion, which also includes his stake in Perennial Holdings, which is building Singapore's tallest skyscraper in partnership with ecommerce giant Alibaba.
Arab News
4 days ago
- Automotive
- Arab News
Jameel Motors to launch GAC electric vehicles in UK
Jameel Motors, a leading provider of mobility solutions and partner of choice to top automotive brands, has signed a joint venture agreement with Chinese automaker GAC to distribute the latter's electric vehicles in the UK. In April, Jameel Motors announced it had won a distribution agreement for GAC in Poland through a competitive process involving both local and international companies. This innovative joint venture will be one of the first of its kind in the UK with a Chinese automaker, a market with significant long-term potential and will be established after completion of relevant regulatory and antitrust approvals. With battery electric vehicle registrations up 25.8 percent year-on-year and accounting for 21.8 percent of new car sales, the UK is a strong and expanding hub for EV adoption. The agreement expands Jameel Motors' existing portfolio in the UK — where it already distributes the electric commercial vehicle brand Farizon Auto — and will be its first passenger vehicle brand in the market. The partnership will bring new EVs to the UK, driving market growth and offering customers a broader range of choices. Initially, two all-electric models from GAC AION will be available: the AION V, a C-segment SUV, and the AION UT, a B-segment hatchback. AION showcases GAC's core strengths of award-winning quality and pioneering technology — ideally suited to meet the rising demand for quality electric vehicles among UK drivers. They will be available through select retail partners across the UK, with first customer deliveries expected at the end of Q1 2026. Additional models will follow to expand the AION lineup. Jasmmine Wong, chief executive — Jameel Motors, said: 'The joint venture with GAC represents a shared vision, and an exciting opportunity to meet the UK's growing demand for smarter, cleaner passenger vehicles. Led by customer preference and guided by our expertise, we're committed to staying ahead of trends and delivering first-class solutions that are both innovative and sustainable.' Wayne Wei, president — GAC International, added: 'GAC's entry into the UK marks a crucial step in its internationalization strategy. As we set foot in this dynamic market, GAC is committed to bringing industry-leading products and first-class services to UK consumers.' GAC is one of China's major car manufacturers, ranking No. 181 in the Fortune Global 500 and having gained international recognition for its high-quality vehicles, advanced technological solutions, and commitment to sustainability. GAC's business spans seven major sectors: R&D, complete vehicles, auto parts, energy and ecosystem, international operations, trade and mobility, as well as investment and finance. As of today, GAC has a market presence across the Middle East, Southeast Asia, Eastern Europe, Africa and America, in a total of 84 countries and regions worldwide. Driven by a strong commitment to innovation, GAC has reached major milestones in its international expansion, with overseas sales of its self-branded vehicles surpassing 100,000 units for the first time in 2024, a 92.3 percent year-on-year increase. Jameel Motors represents some of the world's most recognized commercial and passenger vehicle brands and has operations in more than 10 countries across the Middle East, Africa, Europe, Asia and Australia. This agreement marks another milestone as Jameel Motors continues to expand internationally and harness innovation for the future of mobility.
