Business

Patanjali Ayurved Acquires Magma General Insurance; Enters General Insurance Sector

Patanjali Ayurved, led by Baba Ramdev, has entered the general insurance sector by acquiring a majority stake in Magma General Insurance.

This marks a major expansion for Patanjali, which is known for its Ayurvedic and wellness products.

The deal positions Patanjali as the promoter entity for Magma General Insurance, signaling a strategic shift into the competitive insurance market.

Patanjali’s Expansion Into Insurance

Patanjali Ayurved sees significant growth potential in the general insurance sector.

A spokesperson for Patanjali said, “The sector is undergoing exciting regulatory reforms with 100% FDI opening up. General insurance in India remains underpenetrated compared to developed countries. The Insurance Regulatory and Development Authority of India’s (IRDAI) vision for ‘Insurance for All’ by 2047 could create major opportunities.”

Patanjali aims to leverage its strong distribution network, which includes 2,00,000 retail counters, national chains like Reliance Retail, Hyper City, and Star Bazaar, and 250 Patanjali Mega Stores.

The company’s ability to infuse growth capital and expand into rural markets could strengthen Magma General Insurance’s market position.

Sellers And Transaction Details

The sellers include a group of entities, with Senoti Properties, a joint venture between Adar Poonawalla and Rising Sun Holdings, holding a 74.5% stake in Magma General Insurance before the deal.

Other sellers include Celica Developers, Jaguar Advisory Services, Keki Mistry, Atul DP Family Trust, Shahi Sterling Exports, and QRG Investments & Holdings.

Adar Poonawalla said, “Magma General Insurance has built a solid business over the last few years with 18,000 agents, 2,000 corporate clients, 14 OEMs, and over 80 financial service partners. It has delivered a 26% growth rate over the last five years. We are confident it will grow under Patanjali’s leadership.”

On the buyer side, in addition to Patanjali Ayurved, several foundations, including SR Foundation, RITI Foundation, RR Foundation, Suruchi Foundation, and Swati Foundation, have acquired stakes in Magma General Insurance.

The deal could create synergies between Patanjali’s brand strength and Magma’s insurance expertise. This expansion could also increase competition in the Indian general insurance sector.

Also Read: Sukma District Gets First Mobile Phone Tower To Boost Connectivity

Ajaypal Choudhary

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