Jio Financial Services and Allianz Europe B.V. have each invested INR3.2bn ($33.3m) in their 50:50 joint venture, Jio Allianz General Insurance, through a rights issue.
According to a regulatory filing by Jio Financial Services, the firms have each subscribed to and been allotted 320.05m equity shares with a face value of INR10 each, for a combined investment of INR6.4bn. Jio Financial said its aggregate investment in the joint venture has reached INR3.75bn to date, while the latest funds will be used to support the JV’s business operations.
The transaction was completed on 1 October and was classified as a related party transaction conducted on an arm’s-length basis, according to the filing. Jio Financial said none of its promoters, promoter group or other group companies have an interest in the investment, and that no government or regulatory approval was required for the transaction.