IRDAI Approves Patanjali Ayurved, DS Group's Acquisition of Magma General, Licence to ProTec General Insurance

IRDAI Approves Patanjali Ayurved, DS Group's Acquisition of Magma General, Licence to ProTec General Insurance

• Regulator: Insurance Regulatory and Development Authority of India.[IRDAI]
• Approvals:
  • Patanjali Ayurved and DS Group from Adar Poonawalla-owned Sanoti Properties to acquire Magma General Insurance for Rs 4,500 Cr.
  • Licence for ProTec General Insurance, JV between M Pallonji Group and True North's Divya Sehgal.
• Acquisition Details:
  • Under Section 6A of Insurance Act 1938 read with IRDAI Regulations 2024.
  • Validity 3 months from date of communication.
  • Stake: Patanjali Ayurved 73.56%, DS Group 24.50% in Magma General Insurance via Share Purchase Agreement [SPA] from Sanoti Properties.
• UPSC Relevance: GS3 - Insurance sector, FDI, Regulatory bodies - IRDAI.