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Patanjali Ayurved, 5 others get CCI's nod to acquire 98% stake in Magma General Insurance
A notice to the competition watchdog mentioned that the acquirer proposed to acquire "98.055%" shareholdings of Magma General Insurance on a fully diluted basis by way of share purchase
Patanjali Ayurved to acquire Magma General Insurance
The Competition Commission of India (CCI) has given its nod to Patanjali Ayurved and five other entities to acquire a majority stake in MAgma General Insurance.
The five other entities are SR Foundation, Riti Foundation, RR Foundation, Suruchi Foundation, and Swati Foundation.
A notice to the competition watchdog mentioned that the acquirer proposed to acquire "98.055%" shareholdings of Magma General Insurance on a fully diluted basis by way of share purchase.
According to a report by the PTI agency, the proposed combination is being notified under the green channel route in consonance with section 6(4) of the Competition Act, 2022.
Under the green channel route, if a transaction does not pose any risk of adverse effect on competition, is deemed to be approved on being intimidated by the CCI.
Patanjali Ayurveda, owned by yoga guru Baba Ramdev, is engaged in the manufacturing and marketing of herbal nature-based products, medicines, etc.
After CCI's not, Patanjali Ayurved will assume the role of Magma General Insurance's promoter entity. The deal marks Patanjali's entry into the general insurance market and its diversification into financial services.
"The activities of the parties (including their affiliates) do not exhibit any horizontal overlaps, vertical relationships, or complementary linkages in any of the plausible relevant markets in India," CCI said in its notice.
Magma General Insurance was backed by businessman Adar Poonawalla-owned Sanoti Properties and Rising Sun Holdings Pvt Ltd.
The company offers more than 70 products across retail and commercial categories, such as, motor (car, two-wheeler, commercial vehicles, tractors), health, personal accident, etc. Additionally, it also offers home and commercial products like fire, engineering, liability, marine, etc
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