The healthcare specialist has taken a 26 per cent in Max Bupa, the maximum allowed under current Indian rules on foreign investment in the country.
The £12m move, subject to regulatory approval, will offer a suite of products to both consumer and business customers.
Bupa Group chief executive 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.
“This is an exciting opportunity for both Bupa and Max India Ltd. It also emphasises Bupa’s determination to identify, and participate in, new opportunities for health and care provision in international markets.”
Max India Ltd chairman Analjit Singh says the company has been in talks with a number of leading industry players for the health insurance business.
He says: “Our decision to partner with Bupa was based on the synergies and unique strengths that Bupa brings to this venture. This collaboration with Bupa will be a momentous one.”