Fair trade regulator CCI has gotten the proposed acquisition of majority stake in Magma HDI General Insurance Company Ltd by Sanoti Properties LLP.
Sanoti is into the business of improvement of commercial and residential real estate projects.
According to a notice filed with the Competition Commission of India (CCI), the proposed blend mix is being attempted to ensure compliance with the required regulations of the Insurance Regulatory and Development Authority of India (IRDAI).
CCI has supported “acquisition of 55.39 percent of the total value share capital of Magma HDI General Insurance Company Limited by Sanoti Properties LLP,” as indicated by a tweet on Wednesday.
It could also involve buying shares of Magma HDI held by certain shareholders — Poonawalla Fincorp Ltd and Serum Institute of India Pvt Ltd.