1. Patanjali Ayurved Limited   2. S.R. Foundation  3. Riti Foundation   4. R R Foundation   5. Suruchi Foundation   6. Swati Foundation

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SUMMARY OF THE PROPOSED COMBINATION [UNDER REGULATION 13(2) OF THE COMPETITION COMMISSION OF INDIA (COMBINATIONS) REGULATIONS, 2024] A. Parties to the combination 1. The Parties to the combination are: a. Patanjali Ayurved Limited (“PAL”) b. S.R. Foundation (“SRF”) c. Riti Foundation (“RF”) d. RR Foundation (“RRF”) e. Suruchi Foundation (“SUF”) f. Swati Foundation (“SWF”) and g. Magma General Insurance Limited (“Target”) SRF, RF, RRF, SUF and SWF are collectively, “Trusts”. PAL and the Trusts are collectively, “Acquirers”. The Acquirers and the Target are collectively, “Parties”. B. Nature and purpose of the combination 2. The Acquirers propose to acquire ~98.055% shareholding of the Target on a fully diluted basis by way of share purchase (“Proposed Combination”). 3. PAL is undertaking the Proposed Combination as it represents an attractive investment opportunity to participate in the growing and lucrative general insurance market and it aims to capitalize on the Target’s growth prospects. 4. The Trusts are undertaking the Proposed Combination as it presents a compelling investment opportunity, capitalizing on Target’s established presence in a rapidly growing and lucrative market. They aim to expand their footprints into new sectors to create a diversified business portfolio. 5. The Proposed Combination offers the Target a fresh avenue for leadership and growth, unlocking new possibilities for innovation, market expansion, and operational excellence under new ownership. C. Products, services and business(es) of the parties to the combination Acquirers PAL 6. PAL is an Indian company founded in 2006 with its registered office situated in Delhi, India, corporate office situated in Haridwar, Uttarakhand and manufacturing units across India. It is engaged in manufacturing and marketing herbal nature-based products, medicines and other fast moving consumer goods which are sold through authorized Patanjali stores and other retail shops. Trusts 7. The Trusts aim to manage and utilize their assets for the welfare of their beneficiaries. Target 8. The Target is engaged in the business of provision of general insurance. Specifically, the Target is engaged in the provision of health insurance, motor insurance, fire insurance, marine insurance, engineering insurance, liability insurance and miscellaneous insurance. D. Respective markets in which the parties to the combination operate 9. The activities of the Parties (including their affiliates) do not exhibit any horizontal overlaps, vertical relationships, or complementary linkages in any of the plausible relevant markets in India. 10. Accordingly, the Proposed Combination is being notified under the green channel route in consonance with Section 6(4) of the Competition Act, 2002 (as amended) read with Rule 3 of the Competition (Criteria of Combination) Rules, 2024. ***