India, March 13 -- Patanjali Ayurved, an Indian consumer goods company owned by Baba Ramdev, has entered the insurance sector, CNBC-TV18 reported. The company has purchased a majority stake in Magma General Insurance.

Following the purchase, Patanjali Ayurved will assume the role of Magma General Insurance's promoter entity. This will further diversify Patanjali's portfolio, which currently focuses on healthcare and food.

Companies apart from Patanjali Ayurved which have purchased a stake in Magma General Insurance include SR Foundation, RITI Foundation, RR Foundation, Suruchi Foundation and Swati Foundation.

One notable company that is part of the sellers in the transaction is Senoti Properties, a joint venture between prominent busin...