CCI approval for Adar Poonawalla’s firm to pick up 60% in Magma Fincorp

Our Bureau New Delhi | Updated on April 12, 2021

Adar Poonawala, CEO, Serum Institute

The Competition Commission of India (CCI) has approved the acquisition of shareholding in Mumbai-based non-banking finance company Magma Fincorp Limited by Rising Sun Holdings Private Limited and Sanjay Chamria and Mayank Poddar.

The proposed combination envisages acquisition of stake in Magma Fincorp Limited (Magma Fincorp) by Rising Sun Holdings Private Limited (Rising Sun) and Sanjay Chamria and Mayank Poddar, an official release said.

Rising Sun is part of Serum Institute of India CEO Adar Poonawalla’s Rising Sun group of companies. It is present in the financial services sector through its subsidiary, Poonawalla Finance Private Limited, which is a systemically important non-deposit taking non-banking finance company (NBFC).

Published on April 12, 2021

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