The CCI approves acquisition by Sanoti Properties LLP (Sanoti/Acquirer) of shareholding in Magma HDI General Insurance Company Limited (Magma HDI/Target) under Section 31(1) of the Competition Act, 2002

The proposed combination is acquisition of 55.39% of the total equity share capital of Magma HDI by Sanoti, by way of a proposed subscription of certain equity shares of the Target along with a proposed simultaneous acquisition of certain equity shares of the Target held by Poonawalla Fincorp Limited and Serum Institute of India Private Limited.

Sanoti is engaged in the business of development of commercial and residential real estate projects.

Magma HDI is engaged in the business of general / non-life insurance in India and offers a complete range of general / non-life insurance products.

Detailed order of the CCI will follow.

Merger control clearance for acquisition of majority stake in insurer by property developer via share subscription and simultaneous transfer Approval by the Competition Commission of India for Sanoti Properties LLP to acquire a majority stake in Magma HDI General Insurance Company Limited through a proposed subscription of equity combined with a simultaneous acquisition of shares from existing shareholders, effecting a change in control of the non life insurer under the statutory merger control framework; a detailed regulatory order will follow.