Jio Financial Services, Allianz Pump ₹640 Cr Into General Insurance JV

Jio Financial Services (JFS) and German insurance major Allianz have cumulatively infused ₹640.1 Cr ($66.5 Mn) into their general insurance joint venture, Jio Allianz General Insurance, as the companies move to operationalise the business. According to a regulatory filing by JFS, the companies each invested ₹320.05 Cr in the JV via a rights issue, subscribing 32 Lakh shares apiece. Jio Financial and Allianz continue to hold the JV equally, with their ownership remaining at 50% each.