India – Max Bupa Health Insurance Changes Hands
Max India in February 2019 sold its 51% stake in Max Bupa Health Insurance to private equity firm True North for USD 72 million.
Max Bupa Health was co-owned by Max India, itself owned by Max Group. The Max Group is an Indian conglomerate with a presence in life insurance, health and related businesses, as well as in manufacturing.
Max Group also owns Max Life Insurance through its Max Financial Services subsidiary. Max Life Insurance, a joint venture with Mitsui Sumitomo Insurance and a member of the IGP pooling network, remains unaffected by the disposal.
True North, the new majority owner of Max Bupa Health, was formerly know as the India Value Fund. It invests in mid-sized, profitable, India-centric businesses. Since inception in 1999, it has raised about USD 2 billion and has invested 1.5 billion in 35 businesses.