IRDAI Sanctions ₹4,500 Crore Takeover of Magma General Insurance

Insurance Regulator IRDAI has formally cleared the ₹4,500 crore buyout of Magma General Insurance by a joint entity.
Patanjali Ayurved secures a controlling 73.56% ownership stake, while Dharampal Satyapal (DS) Group acquires 24.50%.
The insurance firm was previously held by Sanoti Properties, an entity owned by Adar Poonawalla.
Exam Significance: Marks significant diversification of FMCG conglomerates into India's expanding general insurance market.

Key Facts / Static GK

IRDAI Establishment: 1999 (Statutory Body in 2000)
IRDAI Headquarters: Hyderabad, Telangana

Q Practice Quiz — 1 August 2026

1. Which two organizations collaborated to launch the Favara-UPI cross-border payment corridor between Maldives and India?

A NPCI International Payments Ltd (NIPL) and Maldives Monetary Authority (MMA)

B Reserve Bank of India (RBI) and Bank of Maldives

C State Bank of India (SBI) and Maldives Monetary Authority (MMA)

D Ministry of External Affairs and Ministry of Finance (Maldives)

E International Monetary Fund (IMF) and National Payments Corporation of India (NPCI)

Explanation: The Favara-UPI payment corridor was jointly launched by NPCI International Payments Ltd (NIPL) and the Maldives Monetary Authority (MMA).

2. What percentage of stake will Patanjali Ayurved hold in Magma General Insurance following the IRDAI-approved acquisition?

A 24.50%

B 51.00%

C 73.56%

D 100.00%

E 49.00%

Explanation: Under the Share Purchase Agreement, Patanjali Ayurved holds a 73.56% stake while DS Group holds 24.50%.

3. Which entity is a joint venture partner along with M Pallonji Group in ProTec General Insurance Limited?

A True North

B Reliance Capital

C Tata Sons

D Aditya Birla Group

E PremjiInvest

Explanation: ProTec General Insurance is a joint venture between M Pallonji Group and True North (led by Divya Sehgal).

4. Where has India's first dedicated Department of Military Medicine been established?

A Command Hospital (Central Command), Lucknow

B Armed Forces Medical College (AFMC), Pune

C Base Hospital, New Delhi

D Command Hospital (Eastern Command), Kolkata

E INHS Asvini, Mumbai

Explanation: India's first dedicated Department of Military Medicine was inaugurated at Command Hospital (Central Command) in Lucknow, Uttar Pradesh.

5. How many Advanced Skill Centres (ASCs) for drone technology will be established in the first phase of the NSDC-AVPL partnership?

A 50

B 75

C 100

D 150

E 350

Explanation: Out of the total 350 planned Advanced Skill Centres (ASCs), the first phase aims to set up 75 ASCs.

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