Bajaj Group completes acquisition of 23% stake in insurance ventures from Allianz

by Hansraj Agrawal | Jan 8, 2026 | Business

The acquisition takes the ownership of the Bajaj Group in both insurance companies to 97% from 74%, giving Bajaj Finserv, complete control of the insurance companies with 75.01% stake, per a Bajaj Finserv statement.
| Photo Credit:
REUTERS

Bajaj Finserv, together with Bajaj Holdings & Investment Ltd and Jamnalal Sons Pvt Ltd, has completed the acquisition of 23 per cent stake in its insurance subsidiaries — Bajaj General Insurance and Bajaj Life Insurance — from Allianz SE, for ₹12,190 crore and ₹9,200 crore respectively.

The acquisition takes the ownership of the Bajaj Group in both insurance companies to 97 per cent from 74 per cent, giving Bajaj Finserv, complete control of the insurance companies with 75.01 per cent stake, per a Bajaj Finserv statement.

This transaction marks the end of Bajaj Finserv (the core investment company of the Bajaj Group) and Allianz SE’s (the German multinational financial services company) 24-year joint venture in India.

Bajaj Finserve said the transfer of Allianz’s remaining 3 per cent stake is expected to be completed over the next few months through a proposed buyback of shares by the insurance companies, subject to applicable law and necessary approvals.

If the buyback is completed, the stake of Bajaj Finserv is expected to go up to approximately 77.3 per cent with Bajaj Holdings & Investment Ltd holding approximately 18.1 per cent stake with the balance being held by Jamnalal Sons Pvt Ltd, it added.

Sanjiv Bajaj, Chairman & Managing Director, Bajaj Finserv, said: “The acquisition provides us strategic flexibility to access new markets, introduce new products, build scale and advance growth as insurance penetration in India is set to grow exponentially over the next 2 decades.”

S Sreenivasan, President – Insurance & Special Projects, Bajaj Finserv, said: “This deal also demonstrates the strength of domestic capital…being funded fully by the Bajaj Group with no leverage. Approvals from CCI and IRDAI for the acquisition of Allianz’s 26% stake were received in just 4 months and this is a great message for those wishing to invest in India and looking for ease of business.”

Separately, Allianz SE said it will consider options for the redeployment of the proceeds that align with its strategic priorities. This will include investments into its new joint ventures in India.

“India remains an important growth market for Allianz, with a strong ambition to continue serving its dynamic and rapidly expanding insurance sector also in the future.

‘As announced on July 18, 2025, Allianz, through its wholly-owned subsidiary Allianz Europe B.V., and Jio Financial Services Limited (JFSL) have entered into a binding agreement to form a 50:50 domestic reinsurance joint venture and into a non-binding agreement for setting up equally owned joint ventures for both general and life insurance businesses in India,” the German company said.

Published on January 8, 2026

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Fusion Finance receives final call money on equity shares issued under its ₹800 cr rights issue

by Hansraj Agrawal | Jan 8, 2026 | Business

During the call period, the company received approximately ₹395.30 crore, representing around 99 per cent of the total amount called
| Photo Credit:
Andrii Yalanskyi

Fusion Finance Ltd on Thursday said it has received the first and final call money on equity shares issued under its rights issue, marking the completion of the full payment process for the ₹800 crore capital raise.

Under the rights issue, shareholders were initially allotted partly paid-up equity shares, with the issue price payable in two stages.

“The balance amount, designated as the first and final call, was fixed at ₹65.50 per share. During the call period, the company received approximately ₹395.30 crore, representing around 99 per cent of the total amount called,” the Gurugram-headquartered Non- banking Financial Company-Microfinance Institution (NBFC-MFI) said in a regulatory filing.

Following the receipt of the final payment, the company has completed all necessary corporate actions to convert the partly paid-up shares into fully paid-up equity shares of face value ₹10 each, it added.

Sanjay Garyali, MD & CEO, Fusion Finance, said the conversion of partly paid shares into fully paid equity further strengthens the company’s capital position, providing greater financial flexibility to support its long-term growth plans.

As of September 30, 2025, the company’s capital adequacy stood at 31.31 per cent, and the funds raised through the rights issue are expected to further reinforce its capital base, per the filing.

Published on January 8, 2026

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After UIB buy, Edme sharpens focus on construction, reinsurance

by Hansraj Agrawal | Jan 8, 2026 | Business

Sanjay Radhakrishnan, Chief Executive Officer, Edme Insurance Brokers Ltd,

Insurance broker Edme Insurance Brokers (formerly Aditya Birla Insurance Brokers), which recently acquired reinsurance intermediary UIB Insurance Brokers India, is expanding its presence in construction and reinsurance, segments that now contribute about 20 per cent of its revenues.

Speaking to businessline, Sanjay Radhakrishnan, Chief Executive Officer, Edme Insurance Brokers Ltd, said the acquisition has strengthened the firm’s capabilities in construction insurance as well as reinsurance for oil & gas and complex risks, areas where UIB was a market leader.

“With the coming together of both entities, we have effectively become market leaders in these two segments,” he said.

Growth targets

Edme is targeting growth 50% faster than the market, with Radhakrishnan noting that if the industry grows at 10–12% annually, the company aims to grow at 15–18%.

The Samara Capital-backed firm acquired Aditya Birla Insurance Brokers on August 30, 2024, paying an upfront consideration of ₹455 crore to acquire Aditya Birla Capital’s stake as part of a full takeover of the business.

International business

Edme is also expanding its overseas operations to serve Indian corporates worldwide. The company plans to set up offices in Dubai and Singapore by the end of 2026, followed by London by mid-2027, as part of its international expansion strategy. “With this international expansion, the plan provide services to Indian corporates which are outside India also in these countries,” said Radhakrishnan.

“International business has already started. Volumes are still small, but we see very high growth potential in this segment, with revenues likely to almost double every year,” Radhakrishnan said.

Revenue mix

Currently, about 30% of Edme’s international business comes from Southeast Asia, 40% from Africa, and the remaining 30% from the Middle East.

The company is also entering climate risk advisory and insurance, an emerging and unconventional segment where traditional policies often fail to account for climate-related events.

“We have recently added a team from international reinsurers to advise clients on climate risk, balance sheet protection and available coverage options,” Radhakrishnan said. These solutions include parametric covers linked to events such as excessive rainfall, supply chain disruptions, and crop failures.

Published on January 8, 2026

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Storage in India’s key reservoirs drops to 75% of capacity

by Hansraj Agrawal | Jan 8, 2026 | Business

A view of the Cheruthoni dam in Idukki reservoir, Kerala.
| Photo Credit:
H.VIBHU

The storage in India’s 166 major reservoirs dropped to 75.6 per cent of the capacity this week, with the level in the southern region dropping below last year.

According to the Central Water Commission (CWC), the level in the major reservoirs was 138.832 billion cubic metres (BCM) of the 183.565 BCM capacity. It was 6 percentage points higher than last year and 22.6 percentage points more than normal (last 10 years.)

The southern region depends on the North-East monsoon starting October. In 2025, the monsoon was not widespread in December, resulting in southern reservoir levels declining.

According to the India Meteorological Department, 80 per cent of the 723 districts received no rainfall since the beginning of this year. Another 12 per cent received deficient rainfall.

Andhra, an exception

In the southern region, barring Andhra Pradesh, the level in the rest of the States was lower than a year ago. The storage in the 47 reservoirs was 70.6 per cent of the 55.287 BCM capacity at 39.057 BCM. Last year, it was 40.392 BCM or 73 per cent of the capacity.

Dams in AP were filled to 84 per cent, while those in Tamil Nadu were filled to 76 per cent. The storage in Kerala was 70 per cent, while it was 64 per cent and 67 per cent in Karnataka and Telangana, respectively.

In the eastern region, the level was lower in Assam, Jharkhand, Mizoram, Tripura and West Bengal. The 27 reservoirs in the region were filled to 73 per cent or 15.828 BCM of the 21.759 BCM capacity. Assam’s two reservoirs have the lowest level at 36.28 per cent of the capacity. Meghalaya’s lone reservoir was full, while Tripura’s only dam was filled to 76 per cent and the level in the 11 reservoirs in Odisha was 78 per cent.

The level in the 28 reservoirs of the Central region was 77.7 per cent of the 48.588 BCM capacity at 37.739 BCM. Dams in Madhya Pradesh were at 80 per cent of their capacity, while the storage in Chhattisgarh, Uttar Pradesh and Uttarakhand was 85 per cent, 70 per cent and 73 per cent, respectively.

6 dams full

The 53 reservoirs of the western region continued to have the highest storage, with the level being 85 per cent this week. Goa’s lone reservoir was filled to 95 per cent, while the level in Maharashtra and Gujarat was 87 per cent and 83 per cent, respectively.

In the 11 reservoirs of the northern zone, the level this week was 69 per cent of the 19.836 BCM capacity at 13.745 BCM. The level in Rajasthan was 86 per cent, while in Punjab, it was 70 per cent. In Himachal, the storage was 63 per cent.

Currently, 6 reservoirs are full, while the level in 37 is above 90 per cent. The storage may drop further in the coming weeks as the IMD has projected below-normal rainfall until May.

Published on January 8, 2026

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After I-T, GST rate cuts, headroom available in Budget is low, says Kunal Vora of BNP Paribas Securities India

by Hansraj Agrawal | Jan 8, 2026 | Business

Kunal Vora, Head of India Equity Research Analyst, BNP Paribas Securities India

Despite growing uncertainties, BNP Paribas is confident of corporate earnings bouncing back in the next fiscal and the bellwether Nifty 50 touching 29,500 points by year-end. It is optimistic on large caps, banking, IT and telecom, while seeing opportunities in energy transition. Kunal Vora, Director – Head of India Equity Research Analyst, BNP Paribas Securities India, said the corporate earnings will be driven by policy initiatives and domestic demand. Excerpts:

How confident you are on earnings growth, given the prevailing economic uncertainty?

The bounce back in private sector banks will provide a big cushion for earnings growth next year. Private sector banks account for one-third of the market. Consider their earnings growth from zero last year to 18-20 per cent next fiscal because of credit growth of 12-13 per cent. Some improvement in margin will provide a big cushion because it is also the largest sector.

In telecom, there is a high likelihood of tariff hike. There has been strong momentum in auto sector since November due to GST cuts and it should continue at least for the next one year. Consumer staples have a very low base and even if they go up 10-12 per cent, it will be good. There is some confidence that IT services will benefit from 5 per cent currency depreciation. The sector is very close to the bottom in terms of growth rate and it may hit a high single-digit growth. In fact, there’s no place currently where we are too concerned about earnings further deteriorating. The next one year looks optimistic.

What are your expectations from the Budget?

The government has done a lot already. They have lowered income tax and GST rates. The headroom available now in the Budget is low. Income tax rates cannot be further lowered. Similarly, direct, indirect tax rates and corporate tax cannot be cut further. The nominal GDP growth rate right now is moderate. From an RBI dividend perspective, it is already at an elevated level. The full impact of GST rate cut is not really visible in FY26 and will have full impact in FY27. It is going to be more of, say, status quo kind of a Budget. I would not expect big changes in terms of tax rates.

How confident you are that MF inflows will continue given the poor returns from MFs in the last one year?

The MF industry campaign to educate investors has done well to create long-term investors. Moreover, there is no alternative investment avenues. The perception is that Nifty has not done well at the headline levels. However, Nifty has delivered positive returns consecutively for the last 10 years. The five-year returns of mid and small caps are still running at 25-30 per cent CAGR. Compared to this, fixed deposits are not giving much return. So finally, investors still need to come back to equity market. Unlike in the US, Hong Kong and Singapore, investors in India are dependent only on the domestic markets. In India, there are no hot themes like AI. So the 10-15 per cent earning growth with equity taxation is still attractive.

Do you think mid and small-cap valuations have normalised after the recent fall?

Mid caps look slightly better compared to small caps. I think the premium of small caps is still elevated. So, mid caps are now getting closer to the normal premium. Mid caps have traded historically at a premium compared to large caps. But in case of small caps, they historically traded at a discount. However, today it is still trading at about 20 per cent premium. Mid caps look slightly better than small caps. However, large caps are expected to outperform both mid- and small-cap stocks, driven by relative valuation comfort.

Jewellery companies are reporting higher sales despite buyers keeping away due to high gold prices. How should investors look at this trend?

Jewellery companies’ growth is purely based on gold prices rather than volume. Since gold prices have rallied a lot, consumers who were planning to buy 20 tolas (233 grams) are now buying only 15 tolas. Since gold prices have doubled, there will be no volume growth, but that’s reasonable. The jewellery market is still 75-80 per cent unorganised. Despite Titan being a large brand, it has only about 10 per cent market share. The unorganised-to-organised trade will continue in case of jewellery.

Which sectors are you bullish and bearish on this next fiscal?

We like that financials and telecom continue to look good. In auto, four-wheelers appears better after the GST rate cut. Consumer staples will become incrementally positive after not being able to report growth for the last one-and-a-half years. We are bearish on infrastructure as government will prioritise consumption over infrastructure this year. However, there will be higher spending on roads and railway projects. There will be no big earnings growth in pharma. We have mixed views on IT services due to attractive valuations.

Published on January 8, 2026

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Reliance Industries to consider buying Venezuelan oil

by Hansraj Agrawal | Jan 8, 2026 | Business

Reliance’s two refineries ⁠in western Gujarat can process about 1.4 million barrels per day of crude ⁠oil.
| Photo Credit:
Dado Ruvic

India’s Reliance ‍Industries Ltd, operator of the world’s largest refining complex, on Thursday said ‌it will consider buying Venezuelan oil if permitted for sale to non-US buyers.

“We await clarity on access for Venezuelan oil by non-US buyers and will consider buying the oil in a compliant manner,” a ⁠Reliance Industries Spokesperson said in response to a Reuters email seeking comments. Caracas and Washington ⁠have reached a deal this week to export up to $2 billion worth of Venezuelan crude, ‌some 30-50 million barrels, to the ‌United States after US forces captured President Nicolas ‍Maduro on January 3.

Reliance stopped buying Venezuelan oil from March ‍2026 after the United States announced a 25 per cent tariff on nations buying crude from the South American nation. The conglomerate received its last parcel of Venezuelan oil in May.

Reliance’s two refineries ⁠in western Gujarat state can process about 1.4 million barrels per day of crude ⁠oil.

The complexity of those plants allows it to process cheaper and heavier crudes such as Merey from Venezuela.

Published on January 8, 2026

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