New Delhi, March 13 -- Patanjali Ayurved Ltd and DS Group have teamed up to enter India's insurance sector with the acquisition of Magma General Insurance Ltd from Adar Poonawalla-owned Sanoti Properties LLP and other shareholders.
Sanoti, Celica Developers and Jaguar Advisory Services will sell their majority stake in Magma General at a valuation of about Rs 4,500 crore ($517 million), subject to regulatory approvals, according to a press statement.
Patanjali Ayurved, established in 2006, makes herbal products, medicines and other FMCG products. The Dharampal Satyapal Group (DS Group), established in 1929, has presence across multiple sectors, including food and beverages, confectionery, mouth fresheners, hospitality, dairy, luxury retail, and agriculture.
Published by HT Digital Content Services with permission from VC Circle.