Patanjali Ayurved, the Indian consumer goods company founded by Baba Ramdev, has made a significant move into the insurance sector, according to reports by CNBC-TV18. The company has acquired a controlling stake in Magma General Insurance, a strategic decision that will diversify Patanjali’s business interests.
Following the purchase, Patanjali Ayurved will become the promoter entity of Magma General Insurance. This marks an expansion beyond the company’s current focus on healthcare and food products. The acquisition is expected to provide Magma General Insurance with access to Patanjali Ayurved’s extensive customer base.
Companies that have also purchased a stake include SR Foundation, RITI Foundation, RR Foundation, Suruchi Foundation and Swati Foundation. Senoti Properties, a joint venture between businessman Adar Poonawalla and Rising Sun Holdings, was among the sellers in the transaction. Other companies that sold stakes include Celica Developers, Jaguar Advisory Services, Keki Mistry, Atul DP Family Trust, Shahi Sterling Exports, and QRG Investments and Holdings.
This move places Patanjali Ayurved into a general insurance market that already includes major players like Life Insurance Corporation of India (LIC), HDFC Life, ICICI Prudential Life, and SBI Life.
Patanjali Ayurved will assume the role of Magma General Insurance’s promoter entity.
