NEW DELHI: The Competition Commission of India (CCI) on Tuesday approved Bajaj Group’s plan to acquire a 26% stake each in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance from its partner Allianz SE, valued at Rs 24,180 crore.“The proposed combination involves acquisition of 26 per cent paid-up equity share capital of Bajaj Allianz Life Insurance Company Ltd (BALIC) and Bajaj Allianz General Insurance Company Ltd (BAGIC) by Bajaj Finserv Ltd (BFS), Bajaj Holdings & Investment Ltd (BHIL) and Jamnalal Sons Pvt Ltd (JSPL) from Allianz SE,” the regulator said in a release.BFS operates in financial services, including consumer and SME finance, housing finance, and general insurance. JSPL operates as a private limited company under the Companies Act, 1913.BHIL maintains RBI registration as a non-banking financial company. Currently, BFS holds 74 per cent stakes in both BALIC and BAGIC joint ventures, whilst Allianz SE holds the remaining shares.“CCI approves the proposed combination involving acquisition of stake in Bajaj Allianz Life Insurance Company, Bajaj Allianz General Insurance Company and Bajaj Allianz Financial Distributors by Bajaj Finserv, Bajaj Holdings & Investment and Jamnalal Sons,” CCI posted on X.The regulator also approved Bajaj Finserv’s acquisition of the remaining 50% stake in Bajaj Allianz Financial Distributors Limited (BAFDL) from Allianz.BAFDL currently operates as an equal partnership between BFS and Allianz.In March this year, Bajaj Finserv announced signing share purchase agreements to acquire Allianz SE’s 26 per cent stakes in both insurance ventures.This acquisition will increase Bajaj Group’s ownership to 100 per cent in both insurance companies, up from the current 74 per cent.The agreed purchase price stands at Rs 13,780 crore for BAGIC and Rs 10,400 crore for BALIC stakes.