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The Competition Commission of India (CCI) has approved a combination transaction involving India Advantage Fund S4 I (IAF) and Dynamic India Fund S4 US I (DIF) together, picking less than 25 per cent and NHPEA Trisul Holding B.V (NTH) picking up less than 10 per cent combined interest in Magma HDI General Insurance, a non life insurance company.
The IAF/DIF transaction and the NTH transaction are collectively referred to as the “proposed combination”.
NTH is an investment holding company that ultimately belongs to a fund managed or controlled by an affiliate of Morgan Stanley.
The CCI has concluded that the proposed combination will not lead to any change in the competitive landscape or cause any appreciable adverse effect on competition in India irrespective of the manner in which the relevant markets are defined. The relevant market has been broadly defined as “the market for general insurance in India”.
Magma HDI was established in 2012 and had 133 branches as of December 30, 2020.
This General insurer offers 62 products across various categories including motor, health, personal accident, home, fire, engineering to secure all major risks in general insurance sphere.
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