Baba Ramdev's Asana in Insurance: Patanjali Flexes Financial Muscles with Magma Acquisition

In a major development today, Yoga Guru Ramdev's Patanjali Ayurved and DS Group will acquire Magma General Insurance from Adar Poonawalla's Sanoti Properties for ₹4,500 crore. This is a general insurance debut for Patanjali. The transaction, which now awaits regulatory approvals, will hand Patanjali and the DS Group a 98% stake in Magma Insurance. Magma General Insurance offers over 70 products and posted Gross Written Premium of ₹3,295 crore in FY24. Patanjali intends to back this up with its extensive distribution network of 2,00,000 counters and 250 mega stores to further boost Magma's growth. This acquisition comes on the back of recent regulatory reforms in India allowing 100% FDI in the insurance sector. 

 

Source: Fortune India