Max India on Tuesday said the Insurance Regulatory and Development Authority of India (IRDAI) has approved the sale of its 51 per cent stake in Max Bupa Health Insurance Company to private equity firm True North.
With the deal getting regulatory approval, Max India will exit the health insurance business.
The all-cash transaction announced in February 2019 valued Max Bupa at an enterprise value of Rs 1,001 crore, Max India said in a statement.
Bupa, the existing joint venture partner in Max Bupa, remains committed to the joint venture and will continue to play an active role as before through its Board positions and knowledge exchange initiatives, it said.
Post IRDAI approval, the transaction is now expected to be concluded within the next few weeks, it said, adding, all existing customer policies will continue unimpacted and all customer support channels will remain unchanged.
True North (formerly known as India Value Fund Advisors IVFA) was established in 1999 with a focus on investing in and transforming mid-sized profitable businesses into world-class industry leaders.
True North has successfully launched six separate investment funds with a combined corpus of over USD 2.8 billion including co-investments.