Adar Poonawalla’s Sanoti Properties to sell stake in Magma Insurance; Patanjali to take majority control

Sanoti Properties, owned largely by billionaire Adar Poonawalla, will sell its stake in Magma General Insurance to Patanjali Ayurved and a consortium of other entities, the company announced in an exchange filing on March 12.

Patanjali Ayurved, led by yoga guru Baba Ramdev, will hold a commanding 98% stake in the insurer after Sanoti Properties completes the transaction. Poonawalla owns 90% of Sanoti Properties.

According to Magma General Insurance’s website, Sanoti Properties, alongside Rising Sun Holdings—a holding company of the Cyrus Poonawalla Group—collectively owned 72.49% of the insurer as of November 2024.

“Buyers propose to acquire such number of equity shares… which will result in the Buyers holding approximately 98.055% (on a fully diluted basis) of the Company’s total issued and paid-up equity share capital,” Magma General Insurance said in a BSE filing.

The decision was approved by Magma General Insurance’s board during a meeting on March 12, 2025.

The insurer, however, did not disclose the financial terms of the deal.

The transaction remains subject to regulatory approvals, including from the Insurance Regulatory and Development Authority of India (IRDAI), the Competition Commission of India, the company’s debenture holders, and other relevant authorities, the filing noted.

The buyers include Patanjali Ayurved Limited, Sanoti Properties LLP, Celica Developers Private Limited, Jaguar Advisory Services Private Limited, former HDFC Chairman Keki Mistry, Atul DP Family Trust, Shahi Sterling Exports Private Limited, QRG Investments and Holdings Limited, as well as several foundations: SR Foundation, RITI Foundation, RR Foundation, Suruchi Foundation, and Swati Foundation.