Germany's Allianz will take a majority stake in an Indian asset management joint venture with financial services firm Bajaj Finserv, as Europe's largest insurer extends its operations in India.

The two companies said in a statement yesterday that Allianz Global Investors, the insurer's asset management arm, would take a 51 per cent stake and Bajaj Finserv would hold 49 per cent.

Rahul Bajaj, chairman of Bajaj Finserv, and Joachim Faber, chief executive of Allianz Global Investors, signed the agreement at a function held at Bajaj Bhawan, Mumbai, yesterday.

Western firms have been looking to ramp up their involvement in the Indian investment and wealth management market, attracted by the growth of the country’s economy and the development of an increasingly affluent and growing middle class.

Allianz already has minority stakes in two Indian insurance ventures with Bajaj - Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance.