Strategy change in South Asia
Allianz sells joint venture in India for 2.6 billion
The former poor house India is on the way to the next major power, with the corresponding economic potential. This makes Germany’s biggest insurer think.
The Alliance has plans in India: the Munich insurance group sold its share of two joint ventures that have previously been operated with the Indian Bajaj Group for a good 2.6 billion euros. But that should not mean the withdrawal from the subcontinent. As soon as the billions have been received on the Alliance business accounts, the DAX group wants to examine their use to implement the company’s strategic ambitions, as it was said in the message.
This includes “Reinvestment in business chances in India”. The official permits for the exit from the joint venture are still pending. According to Allianz, this can take a few months.
The Group’s head of the Munich headquarters in the future not only appear in India as an investor as before, but also to raise a business itself. In German industry, hopes for India have been suspended for a long time, especially since the situation in neighboring China has become increasingly unpleasant for foreign companies. Allianz now obviously assumes that the Indian market also offers greater potential for a financial service provider.
dpa
Source: Stern
