Adar Poonawalla appointed as Magma Fincorp's Chairman

Mumbai-based non-banking financial company Magma Fincorp on Monday appointed Serum Institute of India's CEO Adar Poonawalla as the Chairman of the company. The announcement is part of a series of leadership changes following the Poonawalla-controlled Rising Sun Holdings (RSH) acquiring a controlling stake in Magma Fincorp. RSH acquired a 60% stake through an equity infusion of ₹3,456 crore.