New Delhi: India's insurance watchdog Insurance Regulatory and Development Authority (IRDA) said it has granted final approval to Magma HDI General Insurance Co Ltd to operate in the non-life insurance business in the country.
A registration certificate has been issued to the insurer to this effect, taking the total number of general insurers in the country to 26.
Magma HDI General Insurance Co is a joint venture between Indian asset finance company Magma Fincorp Ltd and its promoter Celica Developers, and Germany's HDI Gerling.
While Magma Fincorp and Celica Developers hold 37% stake each in Magma HDI General Insurance, HDI Gerling holds the remaining 26%.
Foreign holding in the insurance business in India is currently capped at 26%.
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