M&A

M&A

Patanjali, DS Group to buy Magma General Insurance at Rs.4,500-Cr valuation

Times Of India  

Patanjali Ayurved along with DS Group and others will acquire a controlling stake in Mumbai-headquartered Magma General Insurance at a valuation of INR 4,500 crore.This will lead to the transfer of equity shares from Adar Poonawalla Group entities including Sanoti Properties LLP, Celica Developers and Jaguar Advisory Services. This acquisition marks the entry of Patanjali Group into the financial sector. Once the transaction is completed, the buyers plan to inject additional capital in the company.Magma claims to have over 18,000 agents, posting a growth rate of 26% over the last five years.