New Delhi, July 30 -- Insurance Regulatory and Development Authority of India (IRDAI) has approved Patanjali Ayurved and the Dharampal Satyapal (DS) Group's acquisition of Magma General Insurance. According to the deal, Patanjali Ayurved will acquire a 73.56 per cent stake in Magma General Insurance, while the DS Group will own 24.5 per cent.

Patanjali to acquire Magma General Insurance

The acquisition, valued at nearly Rs.4,500 crore, will see Patanjali become the promoter of Magma General Insurance, which was founded in 2009 as a joint venture between Magma Fincorp Limited, Celica Developers, Jaguar Advisory Services, and Germany's HDI Global SE.

In February 2021, Magma Fincorp was acquired by the Poonawalla group, making the Adar Po...