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Sanoti Properties has approved the sale of its insurance subsidiary Magma General Insurance, along with Celica Developers and Jaguar Advisory Services, as per the share purchase agreement with Patanjali Ayurved and DS Group.
Yoga Guru Ramdev-led Patanjali Ayurved and DS Group will acquire the control of Magma General Insurance.
Adar Poonawalla-owned Sanoti Properties on Thursday said it has approved the sale of its insurance subsidiary, Magma General Insurance Limited, to Yoga Guru Ramdev-led Patanjali Ayurved and DS Group, at a valuation of Rs 4,500 crore.
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, according to a statement.
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.
On the deal, Poonawalla, who is also the CEO of Pune-based Serum Institute of India, said, “We are proud that over the last few years, Magma General Insurance has built up its business carefully, both on the retail and corporate side, with over 18000 agents, more than 2000 corporates, 14 OEMs including all the large OEMs, and more than 80 players in the financial services business. It has delivered a growth rate of 26% over the last 5 years. We are confident that it will continue to make a strong contribution to the general insurance industry, under the new ownership of Patanjali Ayurved and the DS Group.”