Magma awaits IRDA nod to start general insurance biz

Kolkata-based non banking financial corporation Magma Fincorp Ltd has got necessary approvals from the Reserve Bank of India for its proposed general insurance venture jointly with HDI-Gerling International Holding AG of Germany. Now we are waiting for IRDA approvals. Normally it takes four-six months to get approvals from the regulator, said Sanjay Chamria, vice chairman and managing director, of the company. Magma entered into a joint venture with the German company in July this year. The venture will have an initial investment of Rs 110 crore. Talking to reporters after the company declared its second quarter results on Friday, Chamria ...

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