Kolkata-based Magma Fincorp is planning to launch a joint venture general insurance company, Magma HDI General Insurance Company. Besides marking Magma’s entry into the insurance sector, the venture is slated to be eastern region’s first private sector general insurance company. Magma is also planning to get into the housing finance sector by December 2012. For now, Magma would hold a 74 per cent stake in the company with its German joint venture partner holding the balance.

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