Bupa Acquires Additional 23% Stake In Max Bupa
With a base of more than two million customers across India, Max Bupa continues to be amongst the fastest growing stand-alone health insurers
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Max Bupa Health Insurance (Max Bupa) foreign parent Bupa has acquired 23 per cent stake in its Indian arm of Max Bupa on Monday (23 November).
Bupa will pay around Rs 191 crore to Max India in an all cash transaction, to increase its stake in Max Bupa from 26 per cent to 49 per cent.
Bupa was the first foreign insurer to announce its intent to increase its stake to 49 per cent in its Indian health insurance subsidiary after the government relaxed FDI participation rules for insurance companies.
“Bupa’s stake increase is a clear affirmation of the huge growth opportunity for health insurance in India. The cash received from the transaction will support growth aspirations of the Max Group as well as for Max Bupa,” said Rahul Khosla, managing director, Max India Limited.
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.
Previously, Max India has successfully managed several joint venture partnerships in its diverse businesses. Apart from Bupa, it also has partnerships with Japan’s Mitsui Sumitomo for its Life Insurance business and South Africa-based Life Healthcare for its healthcare business.