Allianz Global Investors has entered into an asset management joint venture with India's Bajaj Finserv, Reuters reports.

Allianz, which will have a 51 percent stake in the venture, estimates that it will take about 12 to 18 months to obtain regulatory approvals needed to start operations.

"In spite of the turmoil in the global financial markets, I believe that India will continue to grow at a healthy pace in the long run," said Joachim Faber, CEO of Allianz Global Investors.

"We at AllianzGI believe India will be a very important market for us in future years," he added.

Allianz Global Investors' parent, Germany-headquartered insurer Allianz, already has ties to Bajaj. It has minority stakes in two Indian insurance ventures with Bajaj. 

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