Magma Fincorp today entered into a joint venture agreement with German insurer HDI Gerling International Holding AG (HDI) for general insurance company. HDI is a part of Talanx AG Group and the third-largest insurance group in Germany.
In a filing to the Bombay Stock Exchange (BSE), Magma said that with the agreement in place it will approach the Insurance Regulatory and Development Authority and the Reserve Bank of India for necessary approvals.
Shares of Magma Fincorp was trading at Rs 177, up 2.14 per cent at 2.46 pm at BSE.
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