IRDAI approves True North’s stake purchase in Max Bupa Health Insurance from Max India

Transaction originally announced in Feb 2019, valuing Max Bupa at Rs 1001 Cr.
JV partner Bupa remains fully committed to the business
Customer policies to continue as before

2nd December 2019, New Delhi

Max India Limited, a part of the USD 3.2 billion multi-business corporate Max Group, today announced that the Insurance Regulatory & Development Authority of India (IRDAI) has approved divestment of its 51% stake in Max Bupa Health Insurance Company Pvt. Ltd. (Max Bupa), to the leading Private Equity firm True North. The all-cash transaction announced in February 2019 valued Max Bupa at an enterprise value of Rs 1001 crore. 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.

Post IRDAI approval, the transaction is now expected to be concluded within the next few weeks. All existing customer policies will continue unimpacted and all customer support channels will remain unchanged.

True North is an active investor in Indian assets. It has built deep knowledge and skills in the Indian market, investing in more than 50 Indian businesses over the last 20 years through its 6 investment funds with a combined corpus of over USD 2.9 billion. Over the years, True North has made productive investments across the financial services and healthcare sector, to the tune of Rs. 7,300 crores.

Commenting on the transaction, Mohit Talwar, Vice President, Max Group and MD, Max India, said, “The transaction will lead to a substantial cash inflow for Max India. As a part of our portfolio rebalancing exercise, we intend to utilize part of the proceeds to invest in both existing and new business opportunities.

We are confident that Max Bupa will continue to perform well under True North, ably supported by the founding JV partner Bupa.”

Speaking on the development Maninder Singh Juneja, Partner, True North said, “We are delighted to receive the approval from the IRDAI. Along with our partner Bupa – global leaders in healthcare insurance, we look forward to building the country’s most trusted and customer centric health insurance company. Our top priority is to continue to provide exceptional services to all Max Bupa customers, with the help of its employees and stakeholders.”

Reaffirming its commitment to Max Bupa, David Fletcher, Chief Risk Officer for Bupa and Vice-Chairman of Max Bupa, said, “We are pleased to have received IRDAI approval to transition the controlling stake of Max Bupa from Max India to True North. Bupa is committed to the Indian health insurance market and sees exciting opportunities for accelerated growth over the coming years. We look forward to working with our new partner True North to grow the Max Bupa business.”

The process of conclusion of Max Bupa’s divestment will run in parallel and independent of the composite transaction involving demerger of Max India and the merger of Max Healthcare and Radiant-KKR.

About Max Bupa

Max Bupa, a leading standalone health insurance provider in India, is a 51:49 joint venture between Max India Limited, a multi-business corporate in the business of life and care and the Bupa Group, an international healthcare company with 16.7 million health insurance customers and healthcare services to 15 million people in clinics, hospitals and dental centres globally. In FY2019, the company reported Gross Written Premium of Rs. 947 Crore – an increase of 26%. Focusing primarily on the Business to Customer segment, the company is an innovation leader with many firsts to its credit, including its digitally enabled comprehensive wellness cum health insurance product GoActive. It has a customer base of nearly 2.5 million people, offering individual and family-oriented health insurance policies across all age groups through its 31,000+ agents and 11 bank relationships. Max Bupa operates in the high potential retail health insurance space which is expected to grow to INR 630 billion by 2025, growing at a CAGR of 22%. For more details please visit

About True North

True North was established in 1999 with a focus on investing in and transforming mid-sized profitable businesses into world-class industry leaders, built on the strong foundation of True North Values which are embodied within the principles of ‘The Right Way’. True North has built deep knowledge and skills in the Indian markets and has successfully launched six separate investment funds with a combined corpus of over US$ 2.9 billion including co-investments. True North’s insights and understanding of India has been sharpened over the last 20 years by investing in more than 50 Indian businesses. It has successfully guided these companies in making the transition into well-established and large businesses that are valuable, enduring and socially responsible.

The True North team has been structured with a balanced mix of 7 Investment and 18 Business Managers, who bring with them several hundred man-years of industry experience to achieve the above objective. For more details, visit:

About Max India

Max India, the holding company of Max Bupa Health Insurance and Antara Senior Living and equal joint venture partner in Max Healthcare, is focused on health and allied businesses. Max Healthcare and Max Bupa Health Insurance are joint ventures with global leaders, Radiant Life Care (India) and Bupa Finance Plc. (UK), respectively. These businesses have well-entrenched positions in their respective categories and are recognized for their outstanding service standards. The Company owns and actively manages a 49.7% per cent stake in Max Healthcare, a 51% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living. Max India is listed on both the Bombay Stock Exchange as well as the National Stock Exchange. For more details, visit

About Bupa

Bupa’s purpose is helping people live longer, healthier, happier lives.

With no shareholders, our customers are our focus. We reinvest profits into providing more and better healthcare for the benefit of current and future customers.

Health insurance accounts for the major part of our business with 16.7 million customers and contributes around 75% of revenue. We operate clinics, dental centres and hospitals in some markets, with around 15 million customers. We care for around 22,300 residents in our aged care businesses in the UK, Australia, New Zealand and Spain.

We directly employ around 80,000 people, principally in the UK, Australia, Spain, Poland, Chile, New Zealand, Hong Kong, Turkey, the US, Brazil, the Middle East and Ireland. We also have associate businesses in Saudi Arabia and India.

For more information, visit

Press Contacts:

True North:
Ishita Mookherjee
+91 9819838566

Max India:
Nitin Thakur
+91 9873347428

Sangeeta Suthar
+44 7730 321875

  • IRDAI approval granted to Fettle Tone LLP, an affiliate of True North Fund VI LLP.