This comes after Allianz ended its 24-year-old insurance joint venture with the Bajaj Group on Monday, according to an Economic Times report.

HT.com cannot independently verify the authenticity of the information in the report.

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Reliance and Allianz executives had been holding talks for several months regarding a potential partnership, which intensified after Allianz considered the exit, the report said.

The Munich-based group also wants to be a minimum 50% partner in any such new ventures and is even open to a larger stake, wanting to have a bigger say in management as well as operations.

According to the report, one reason the joint venture with Bajaj ended was that Bajaj wasn't too keen to dilute its stake, leading to differences in the direction of their partnership.

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However, a tie-up with JFS can come only after approvals from regulators such as the Competition Commission of India (CCI) and the Insurance Regulatory and Development Authority of India (IRDAI).

Allianz will also first have to get itself removed as the promoter of the two existing ventures with Bajaj.

The German company sees India as one of its growth markets and has been cranking up foreign direct investment (FDI), with an estimated $1.5 billion deployed in various ventures. It is also a large foreign institutional investor in Indian equities and debt, according to the report.

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Jio Financial Services on the other hand, currently has an insurance broking business and has expanded its direct-to-consumer portfolio to 54 plans from 24 at the end of January, in categories like auto, health and life, according to the report.

Mukesh Ambani had referred to the company's plans to “potentially partnering with global players” during his address at the annual general meeting in 2023.