FinanceTimes of India
From ayurveda to insurance: Patanjali gets IRDAI nod for Rs 4,500 crore insurance entry
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Patanjali Ayurved entered financial services after IRDAI approved its Rs 4,500 crore acquisition of Magma General Insurance.
Patanjali will acquire a 73.6% stake in Magma, while Dharampal Satyapal Group will acquire 24.5% as a co-investor.
Magma's gross direct premium grew at 22% CAGR between FY21 and FY25 to Rs 3,334 crore.
The insurer reached breakeven in FY25 with a profit of Rs 1 crore, compared to a Rs 141 crore loss in FY24.
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