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Magma Fincorp
BSE: 524000NSE: MAGMAISIN: INE511C01022

28th-Jul-2009 14:54Source: BSE

Magma inks JV with German Insurer HDI Gerling, to enter General Insurance Business

Magma Fincorp Ltd has informed BSE that the Company, on July 28, 2009 has entered into an Agreement with HDI Gerling International Holding AG (HDI) which is a part of Talanx AG Group and which group is the third largest insurance group in Germany with a strong track record of over 100 years; has a multi - national presence in Insurance Business and is amongst top 15 in its Continent, for the purpose of undertaking General Insurance Business in India through the existing company Magma HDI General Insurance Company Ltd subject to necessary approvals from Regulatory authorities such as IRDA, RBI etc. The Company has submitted to BSE a Press Release dated July 28, 2009 titled "Magma inks JV with German Insurer HDI Gerling, to enter General Insurance Business".

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