From ayurveda to finance: Patanjali gets IRDAI nod for Rs 4.5Kcr insurance entry

Patanjali Ayurved, which is known for its herbal and other fast-moving consumer goods, is now set to enter financial services through a nearly Rs 4,500 crore acquisition.The Insurance Regulatory and Development Authority of India (Irdai) has approved the acquisition of Magma General Insurance by Patanjali Ayurved and Dharampal Satyapal Group, The Economic Times reported.The approval, received on July 28, was the final key regulatory clearance for the transaction announced in March.Who will own Magma General Insurance?Patanjali will acquire a 73.6% stake in Magma. Dharampal Satyapal Group, better known as DS Group and the maker of Rajnigandha pan masala, will acquire 24.5% and join the acquiring consortium as a co-investor, according to ET.The stakes will be acquired from Adar Poonawalla-owned Sanoti Properties and other selling shareholders, including Celica Developers and Jaguar Advisory Services.