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Poonawallas, ICICI Venture, others back Magma HDI Top Searches Poonawallas, ICICI Venture, others back Magma HDI TNN / Updated: Mar 17, 2021, 10:58 IST FacebookTwitterLinkedinEMail Adar Poonawalla, CEO, Serum Institute of India (File photo) MUMBAI: The Poonawallas of the Serum Institute, together with ICICI Venture and Morgan Stanley PE Asia, have invested Rs 525 crore in Magma HDI General Insurance part of the Magma Group, which was acquired by the vaccine maker last month. “I see huge potential in the growth of Magma HDI, which is a young and fast-growing company. We are confident that it can reach its full potential in the next few years,” said Serum Institute CEO Adar Poonawalla. Magma HDI is a joint venture between Magma Group and German insurer HDI. The latest transaction involves the buyout of existing promoters for Rs 275 crore and an infusion of Rs 250-crore fresh equity in the company.

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