Patanjali Ayurved, DS Group to acquire Magma General Insurance from Poonawala’s Sanoti Properties

Yoga Guru Ramdev-led Patanjali Ayurved and Rajnigandha maker Dharampal Satyapal Group (DS Group) will acquire Magma General Insurance from Sanoti Properties LLP at a valuation of ₹4,500 crore, a company statement said on Thursday.

This would mark the entry of Patanjali Ayurved, a manufacturer and marketer of herbal, nature-based products, medicines and other FMCG products, into the general insurance business following the regulatory approval.

Magma General Insurance is majority-owned by Sanoti Properties LLP, an entity jointly held by Adar Poonawalla and Rising Sun Holdings Pvt Ltd.

Adar Poonawalla-owned Sanoti Properties has approved the sale of its insurance subsidiary Magma General Insurance (erstwhile Magma HDI General Insurance Company), along with Celica Developers and Jaguar Advisory Services, as per the share purchase agreement with Patanjali Ayurved and DS Group, the statement said.

The deal is at a valuation of ₹4,500 crore and is subject to regulatory approvals, it added.

The company’s board made this decision at its meeting held on March 12, 2025.

Magma General Insurance (erstwhile Magma HDI General Insurance Company Ltd), with over 70 products across various categories, offers insurance to secure all major risks in the general insurance sphere.

The insurance company delivered a Gross Written Premium (GWP) of ₹3,295 crore in FY24 and is expected to deliver about ₹3,650-3,700 crores of GWP in FY25 with a Profit Before Tax of ₹20-25 crore.

“The sector is undergoing exciting regulatory reforms with 100 per cent FDI opening up. Structurally general insurance in India is significantly underpenetrated vis a vis developed countries and IRDAI vision for insurance for all by 2047 could go a long way in plugging the gap,” Patanjali Ayurved spokesperson said.

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 2,00,000 counters, national level chains including Reliance Retail, Hyper City, Star Bazaar and 250 Patanjali Mega Stores, the spokesperson added.

Speaking on the occasion, Adar Poonawalla Chairman, Serum Institute of India said, “We are proud that over the last few years, Magma General Insurance has built up its business carefully, both on the retail and corporate side, with over 18000 agents, more than 2000 corporates, 14 OEMs including all the large OEMs, and more than 80 players in the financial services business.

It has delivered a growth rate of 26 per cent over the last 5 years and will continue to make a strong contribution to the general insurance industry, under the new ownership of Patanjali Ayurved and the DS Group, he added.

Ambit Pvt. Ltd acted as exclusive financial advisor & Khaitan & Co and Wadia Gandhy & Co acted as legal advisors to selling shareholders, it added.