Allianz sees India as a growth market and has been cranking up foreign direct investment, with an estimated $1.5 billion deployed in various ventures.

Allianz SE is planning a partnership with Mukesh Ambani's Jio Financial for a major entry into Indias insurance market, post its split with Bajaj Group. Efforts have intensified, with talks ongoing for several months.

The move will take Bajaj group’s ownership in the two firms to 100 percent from the current 74 percent, the statement said