Cyril Amarchand Mangaldas acted as legal counsels for Jio Financial Services Limited on a binding agreement with Allianz Group (through its wholly owned subsidiary, Allianz Europe B.V.) to form a 50:50 domestic general insurance joint venture company for carrying on general insurance business (which includes health insurance) in India. JSA advised Allianz Group on this transaction.
The JV will launch operations upon receipt of the necessary statutory and regulatory approvals. Jio Financial Services and Allianz are also working towards a separate binding agreement for life insurance business in India.
“Insurance is not just a product, but it is the foundation upon which families build their futures with confidence and are able to pursue their ambitions without fear. ‘Insurance for All by 2047’ is a national mission and every institution that has been entrusted with the scale and trust of the Indian people has a duty to fulfil it,” said Mukesh D Ambani in a media statement.
“Jio Financial Services is committed to doing exactly that. I am proud to partner with Allianz, one of the world’s most respected insurance groups, across the insurance value chain as our exclusive insurance partner. I believe that the combination of Jio’s unmatched digital consumer reach and Allianz’s deep global insurance expertise is uniquely powerful,” he added.
The transaction is subject to receipt of statutory and regulatory approvals.
CAM’s transaction was led by partner L. Viswanathan and partner (head – insurance) Indranath Bishnu, with support from principal associates Kush Wadehra and Anirud Sudarsan R, and senior associate Naman Lodha.
JSA’s deal team was led by partners Venkatesh Raman Prasad and Ronak Ajmera, with support from partners Shivani Chugh, Ankita Jain, principal associate Jatin Talwar, senior associate Udit Rao, and Associates Priyanka Priyadarshini and Vidit Parmar.
Partner, Head of Practice – Direct Tax Kumarmanglam Vijay and associate Aditya Patadia handled direct tax matters, while partner, head of practice – Indirect Tax Manish Mishra , partner Shareen Gupta, principal associate Joybrata Misra and senior associate Tanay Vyas handled indirect tax related aspects of the transaction.
Competition Law aspects were handled by partners Vaibhav Choukse, Ela Bali, principal associates Nripi Jolly and Aditi Khanna.
Partners Sidharth Sethi, Tony Verghese and Radhika Gupta advised on certain transaction-specific matters.
