The Competition Commission of India (CCI) approves the acquisition by Mr. Sanjay Chamria (SC) of certain equity shares of Jaguar Advisory Services Private Limited (Jaguar), resulting in an indirect acquisition of certain equity shares of Magma HDI General Insurance Company Limited (Magma HDI) by SC.

The proposed combination is in the nature of an acquisition by Mr. Sanjay Chamria of an aggregate of 11,500 equity shares of Jaguar held by Poonawalla Fincorp Limited (PFL) and HDI Global SE (HDI), constituting 51.11% of the total equity share capital of Jaguar resulting in an indirect acquisition by SC of approximately 5.44% of the equity share capital of Magma HDI (Proposed Combination).

SC, an individual, is engaged in investing directly and through entities owned by him in various listed and unlisted enterprises.

Jaguar is a company incorporated in India is engaged in the business of provision of manpower supply services.

Magma HDI is a company incorporated in India 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.

Indirect acquisition: investor's purchase of holding company shares results in a minority stake in an insurance firm. The Competition Commission of India approved Mr. Sanjay Chamria's acquisition of 11,500 equity shares in Jaguar Advisory Services Private Limited (51.11% of Jaguar), purchased from Poonawalla Fincorp Limited and HDI Global SE, resulting in an indirect acquisition by Mr. Chamria of approximately 5.44% of the equity share capital of Magma HDI General Insurance Company Limited.