CCI allows Sanoti Properties LLP to buy shareholding in Magma HDI General Insurance Company Ltd
New Delhi: The Competition Commission of India (CCI) has approved the acquisition by Sanoti Properties LLP (Sanoti/Acquirer) of shareholding in Magma HDI General Insurance Company Limited (Magma HDI/Target)
The approval was given under Section 31(1) of the Competition Act, 2002.
The proposed combination is the acquisition of 55.39 percent 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 the 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.