International healthcare group Bupa and leading multi-business corporate, Max India have completed the transaction to increase Bupa’s shareholding in their health insurance joint venture Max Bupa from 26% to 49%. The application to increase Bupa’s shareholding was submitted following changes to India’s foreign direct investment (FDI) rules to allow up to 49% ownership of insurance companies by foreign investors. Bupa is one of the first foreign investors in India’s health insurance sector to have its application to increase its shareholding approved by Indian regulatory authorities and complete the transaction with its joint venture partner. Bupa has paid Rs 207 crore (around GBP 21.9 million) to Max India, in an all cash transaction, for the stake increased.
The transaction was concluded after receiving regulatory clearances from the Insurance Regulatory and Development Authority of India (IRDA). Launched in 2010, Max Bupa is already the 7th largest private health insurer in India. With a base of more than two million customers across India, it continues to be amongst the fastest growing stand-alone health insurers. The company has focused on building a retail customer and product portfolio via multiple sales channels including agency, bancassurance, telesales and online.
Max Financial Services, formerly known as Max India, the newly de-merged entity of the Max Group, holds around 72 percent in Max Life. The fourth-largest life insurer in the private sector, Max Life is a joint venture with Japan-headquartered Mitsui Sumitomo Insurance.
Company Name | CMP |
---|---|
Max Financial | 976.25 |
Delphi World Money | 231.85 |
SBFC Finance | 91.54 |
Anand Rathi Wealth | 3920.00 |
Prudent Corporate | 1534.80 |
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