The Insurance Regulatory and Development Authority of India (IRDAI) has given final regulatory approval to Patanjali Ayurved and the Dharampal Satyapal (DS) Group’s acquisition of Magma General Insurance, in a deal valued at nearly Rs 4,500 crore, according to a report by The Economic Times. The clearance completes the transaction first announced in March and marks Patanjali’s entry into financial services through a majority stake in the general insurer.
As per the deal structure, Patanjali will acquire a 73.6% stake in Magma General Insurance, while the DS Group picks up 24.5%. The stakes are being bought from Sanoti Properties – owned by Adar Poonawalla – along with other selling shareholders including Celica Developers and Jaguar Advisory Services. Sanoti Properties previously held a 72.4% stake in the insurer.
Under the approval issued on July 28, Patanjali will take over as promoter and continue infusing capital to support Magma’s solvency and growth, while DS Group joins as a co-investor in the consortium.
Magma General Insurance posted a 22% CAGR in gross direct premium between FY21 and FY25, reaching Rs 3,334 crore – more than double the general insurance industry’s 10% CAGR over the same period, per CareEdge Ratings. The insurer swung from a Rs 141 crore loss in FY24 to a Rs 1 crore profit in FY25, and posted a Rs 27 crore net profit in the first nine months of FY26. Its solvency margin stood at 1.81 times as of December 2025, above the 1.50 times regulatory requirement.
With over 70 products across categories, Magma is expected to gain from Patanjali’s extensive retail and distribution network, particularly in expanding reach across semi-urban and rural markets.
