Bupa and Max India have formed a new partnership to enter the health insurance market in India.The joint venture Max Bupa Health Insurance will offer a suite of products to both consumer and business customers.
Bupa will take a 26 percent stake in Max Bupa, the maximum allowed under current Indian rules on foreign investment in the country.
India has the potential to be one of the largest health insurance markets in the world. With over 70 percent of India's healthcare spend being in the private sector, the new joint venture can be grown into a major health insurance business.
Chief executive of Bupa Group, Ray King says: "The Indian health insurance market has massive potential, with a growing, young, population. We believe that many of its citizens will be looking for the high quality of care and customer service that Max Bupa will be well placed to offer. We are pleased that in Max India we have found a partner with sound experience, excellent knowledge of the marketplace, and a set of values which match Bupa's."