The Insurance Regulatory and Development Authority of India (IRDAI) has approved the acquisition of Magma General Insurance from Sanoti Properties (owned by Adar Poonawalla) by Patanjali Ayurved and the DS Group for ₹4,500 crore. Under the share purchase agreement (SPA), Patanjali Ayurved will acquire a 73.56% stake, while the DS Group will acquire a 24.50% stake in the company.
Separately, the IRDAI has granted a licence to ProTec General Insurance, a joint venture (JV) between the M Pallonji Group and Divya Sehgal of True North.