The board of Sanoti Properties LLP, jointly owned by billionaire businessman Adar Poonawalla and Rising Sun Holdings Pvt. Ltd., has approved the sale of its insurance subsidiary, Magma General Insurance Ltd. (erstwhile Magma HDI General Insurance Company Ltd.), along with Celica Developers and Jaguar Advisory Services (defined together with Sanoti Properties LLP as majority sellers) to Patanjali Ayurved Ltd. and DS Group at a valuation of ₹4,500 crore, subject to regulatory approvals.
Patanjali Ayurved established in the year 2006, is a leading manufacturer and marketer of herbal, nature-based products, medicines and other FMCG products, known for Yoga exponent Baba Ramdev.
The Dharampal Satyapal Group (DS Group), established in 1929, is an Indian conglomerate with a diversified presence across multiple sectors, including food and beverages, confectionery, mouth fresheners, hospitality, dairy, luxury retail, and agriculture.
Magma General Insurance with over 70 products across various categories, offers insurance to secure all major risks in the general insurance sphere. From retail products like Motor (Car, Two-wheeler, Commercial Vehicles, Tractors), Health, Personal Accident, and Home to commercial products like Fire, Engineering, Liability, and Marine, its’ wide array of covers are backed by high-quality and agile service delivery.
A spokesperson of Patanjali Ayurved said “The sector is undergoing exciting regulatory reforms with 100% FDI opening up. Structurally general insurance in India is significantly underpenetrated vis a vis developed countries and IRDAI vision for insurance for all by 2047 could go a long way in plugging the gap.”
“Magma General Insurance could benefit immensely from our ability to infuse growth capital, huge distribution strength including access to rural markets as Patanjali Ayurved products are available at 2,00,000 counters, national level chains including Reliance Retail, Hyper City, Star Bazaar and 250 Patanjali Mega Stores,” the spokesperson added.
Published – March 13, 2025 10:24 pm IST
