Magma Fincorp to get into insurance

VEHICLE financing firm Magma Fincorp expects regulatory clearance for its general insurance venture with a Germany-based company during this year.

"We have applied to Irda for approval and expects its nod during the year," Magma Fincorp chief financial officer V Lakshmi Narasimhan said.

The joint venture with HDI-Gerling International Holding is expecting R1 (initial approval) clearance soon as the process is almost complete, he said.

Asked if the proposed company can start its operation in the present financial year, Narasimhan said that it will depend on the clearance from the regulator Irda as well as product s approval which also takes e about 2-3 months.

The proposed joint venture, where foreign partner a will have 26 per cent stake, s will leverage on the " strengths of the two companies to offer general insurance products through the existing strong distribution and service network l of the Kolkata-based Magma with deep penetration in rural India, he said.

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