The Competition Commission of India approved acquisition of majority stake in Magma HDI General Insurance Company Ltd by Sanoti Properties LLP.
Magma HDI is into the business of general/non-life insurance in India and offers a complete range of general/non-life insurance products. And, Sanoti is into development of commercial and residential real estate projects.
“Under Section 31(1) of the Competition Act, 2002, acquisition of 55.39 per cent of the total equity share capital of Magma HDI General Insurance Company Limited by Sanoti Properties LLP has been approved,” CCI said.
The deal also involves buying shares of Magma HDI held by certain shareholders – Poonawalla Fincorp Ltd and Serum Institute of India Pvt Ltd.