The Competition Commission of India has given its blessing to Mr. Sanjay Chamria’s acquisition of certain equity shares of Jaguar Advisory Services Private Limited (Jaguar), which has led to SC’s indirect acquisition of certain equity shares of Magma HDI General Insurance Company Limited (Magma HDI). The Competition Commission of India is the organisation that regulates competition in India.
The combination that has been proposed is in the nature of an acquisition by Mr. Sanjay Chamria of an aggregate of 11,500 equity shares of Jaguar held by Ponnawalla Fincorp Limited (PFL) and HDI Global SE (HDI). These 11,500 equity shares represent 51.11% of the total equity share capital of Jaguar, which will result in an indirect acquisition by Chamria of approximately 5.44% of the equity share capital of Magma HDI.
Chamria is involved in the process of investing directly as well as indirectly via corporations that he owns in a wide variety of businesses, both public and unlisted.
Jaguar is a corporation based in India that was established for the purpose of providing services related to the provision of labour.
Magna HDI, on the other hand, is a firm that was founded in India and operates in the general and non-life insurance industry there. They provide a comprehensive selection of general and non-life insurance products. Magna HDI is involved in this line of business.