Max India and British United Provident Association (BUPA) will start a joint venture in India known as Max Bupa Health Insurance Limited with an initial investment of £12 million.

Bupa has 10 million customers in over 200 countries.

Bupa will own 26% equity while Max India will hold 50% equity shares in the joint venture.

In the JV company while the balance of 24 per cent to be held by Chairman of Max India, Analjit Singh and his family.

According to Indian laws regarding insurance, any outside firm can’t hold more than 26% stake in any joint venture with an Indian firm.