ICICI Venture Funds Management Company Limited, Morgan Stanley Private Equity Asia Limited, Cyza Chem Pvt. Ltd. and others agreed to acquire an unknown minority stake in Magma HDI General Insurance Co Ltd. for INR 2.75 billion on March 16, 2021. ICICI Venture Funds Management Company Limited will pay INR 833 million, Morgan Stanley Private Equity Asia Limited will pay INR 497 million, Cyza Chem Pvt. Ltd. will pay INR 843 million and others will pay INR 574 million for their stake. In a related transaction, ICICI Venture and Morgan Stanley will inject fresh capital of INR 2.5 billion. ICICI Venture and Morgan Stanley will appoint nominee Directors to the Board. Post completion, Magma Fincorp Limited will hold 24.2% and HDI Global SE will hold 17.1% in Magma HDI General Insurance Co Ltd. The transaction is subject to shareholder and regulatory approvals,statutory approval, including from the insurance regulator Irdai and the Competition Commission. As of June 17, 2021, The Competition Commission of India has approved the acquisition. Ambit Private Ltd acted as financial advisor and Wadia Ghandy & Co acted as legal advisor to Magma HDI General Insurance Co Ltd. AZB & Partners acted as legal advisor to ICICI Venture Funds Management Company Limited.