Magma Fincorp, Kolkata-based company, gets a step closer to launch its general insurance business. It has got R2 license from the Insurance Regulatory and Development Authority (IRDA).
The company has signed a joint venture agreement with Germany-based HDI-Gerling International Holding AG for its foray into general insurance business in July 2009. The joint venture company - Magma HDI General Insurance Company had received Reserve Bank of India's approval in October 2009. The company also received R1 license from the IRDA in April 2011.
