Mumbai, Sep 4: Insurance provider Max India and UK-based Bupa have entered into joint venture (JV)--Max Bupa Health Insurance--to provide a range of health and wellness products in the private health insurance that is expected to reach USD 8 billion by 2015. The JV will start with an initial share capital of Rs 100 crores with Max India having a 50 percent stake and Bupa Group having 26 percent stake. Max India founder and Chairman Analjit Singh and his associates own 24 percent stake in Max Bupa, a release said.
The tieup will utilize Max India's focus on life insurance, healthcare and clinical research and Bupa's track record in the international health insurance space and design products to suit a market that has only 1.4 percent of its population with health-related private insurance.
Commenting on the deal, Mr Analjit Singh said ''Max Bupa aspires to create a leading health insurance company in India, that is potentially the world's largest market for private health insurance.''