Magma General Insurance logo.
Credit: magmainsurance.com
New Delhi: Yoga Guru Ramdev-led Patanjali Ayurved and Rajnigandha maker Dharampal Satyapal Group (DS Group) will acquire Magma General Insurance at a valuation of Rs 4,500 crore from Sanoti Properties LLP, a company statement said on Thursday.
Magma General Insurance is jointly held by Adar Poonawalla and Rising Sun Holdings.
Sanoti Properties has approved the sale of its insurance subsidiary Magma General Insurance (erstwhile Magma HDI General Insurance Company), along with Celica Developers and Jaguar Advisory Services, as per the share purchase agreement with Patanjali Ayurved and DS Group, the statement said.
The deal is "at a valuation of Rs 4,500 crore, subject to regulatory approvals", it added.
Magma General Insurance, with over 70 products across various categories, offers insurance to secure all major risks in the general insurance sphere.