Magma Fincorp - joint venture (JV) company - Magma HDI General Insurance Company has received an approval for the R2 application from Insurance Regulatory and Development Authority (IRDA) vide their letter dated April 13, 2012.
Earlier in July, 2009, the company had entered into an agreement with HDI Gerling International Holding AG (HDI), a part of Talanx AG Group, Germany for undertaking joint venture general insurance business in India through Magma HDI General Insurance Company subject to necessary approvals from regulatory authorities. Further on April 15, 2011, IRDA had granted the approval for the R1 application of the joint venture company.
Magma Fincorp is a non-deposit taking non-banking finance company (NBFC), registered with the Reserve Bank of India (RBI) as an Asset Finance Company. The company, having started operations over two decades back, is listed on the Bombay Stock Exchange and the National Stock Exchange in India.
