Max India exits health business

True North Capital, a private equity firm has acquired Max India’s 51 percent stake in health insurance company Max Bupa Health Insurance.

True North was leading the race to acquire Max Bupa and was in talks with the promoter for the past five months, according to a report in Money Control. The deal is likely to value the health insurer at INR1,200 crore.

True North was earlier also in talks to acquire a stake in Royal Sundaram General Insurance. However, Belgian insurer Ageas finally purchased 40 percent stake in the company.

The insurance regulator, had in November 2017, allowed PEs and venture capital firms to become promoters of insurance companies with a five year lock-in period, only do so through a special purpose vehicle (SPV).