Magma HDI brightens up Diwali for environmentally conscious owners of electric vehicles and hybrid electric vehicles with their exclusive ‘Battery Secure Add On’ insurance.
Sanoti Properties, which is held by Adar Poonawalla and Serum Institute of India Private Limited; has agreed to acquire the direct and indirect stake of the Company in Magma HDI.
ICICI Venture, Morgan Stanley Private Equity Asia, Cyza Chem Pvt Ltd, a Poonawalla group company, and two other family offices are putting in Rs 525 crore in Magma HDI General Insurance, a joint venture between Magma Fincorp Limited and HDI Global SE, Germany. Of the Rs 525 crore, the fresh capital infusion will be to the tune of Rs 250 crore in the company, which will provide growth capital to meet the needs of expanding distribution capabilities of the company. The existing Magma group entities have done a secondary sale, which is to the tune of Rs 275 crore. The amount will allow the promoter Magma Fincorp and its group companies to comply with the Reserve Bank of India’s guidelines for ownership of a stake in insurance companies.