Magma HDI General Insurance is a joint venture between Magma Fincorp Limited and HDI-Gerling International Holding AG, Germany.
Liberty Videocon General Insurance is a joint venture between Liberty Mutual Insurance of United States and Videocon Group of India.
There are three stages of approval required for getting a licence for an insurance company. R1 (or first phase) is the preliminary approval given by IRDA wherein the regulator evaluates the promoters.
In the second stage (R2), IRDA looks into the business model of the company and in the third (R3), it looks at the formation of the company.