Adar Poonawalla’s Sanoti Properties approves sale; Patanjali aims to leverage rural reach for expansion.
Mumbai: Adar Poonawalla-owned Sanoti Properties on Thursday said it has approved the sale of its insurance subsidiary, Magma General Insurance Limited, to Yoga Guru Ramdev-led Patanjali Ayurved and DS Group, at a valuation of Rs 4,500 crore. Magma General Insurance is jointly held by Adar Poonawalla and Rising Sun Holdings.
Magma General Insurance Limited had a gross written premium of Rs 3,295 crore in FY24 and expected to deliver around Rs 3,650-3,700 crore of gross written premium in FY25 with a profit before tax of Rs 20-25 crore.
A spokesperson of Patanjali Ayurved said that Magma General Insurance could benefit immensely from “our ability to infuse growth capital, huge distribution strength including access to rural markets as Patanjali Ayurved products are available at 2 lakh counters, national level chains including Reliance Retail, Hyper City, Star Bazaar and 250 Patanjali Mega Stores.”
Magma General Insurance has over 18000 agents and tieups with more than 2000 corporates. It offers retail products and corporate insurance.
