Bupa to up stake in Max India to 49%

The company welcomed the passing of the Insurance Laws Amendment Bill in the Rajya Sabha which has enabled it to submit its application to increase shareholding

UK-based healthcare group Bupa will increase its stake in Max Bupa from 26% to 49%, said the company today a day after Parliament approved the law to hike foreign investment cap in the insurance sector.

Max Bupa is a 74:26 joint venture between Max India and Bupa.

"We warmly welcome the passing of the Insurance Laws Amendment Bill in the Rajya Sabha, enabling us to submit our application to increase our shareholding in Max Bupa from 26% to 49%," Bupa said in a statement today.

"Together with Max India, we are committed to developing the business and the health insurance market," said David Fletcher, Managing Director, International Development Markets, Bupa.

Max India Group has presence in life insurance, health care and health insurance sectors. Bupa is one of the leading international health care provider having exposure in the UK, Australia, Spain, Poland, New Zealand, Chile, Saudi Arabia, Hong Kong, India, Thailand and the USA.

"With a customer base of 2 million, Max Bupa is the 7th largest private health insurer in India and has huge potential to grow as demand for quality affordable health care continues to rise," Fletcher said.