Max India has informed that it has signed a joint venture agreement with the UK's leading health care organisation, British United Provident Association (BUPA), to form a health insurance company in India.

Under the deal, Max India will hold 50% equity in the JV company while the balance of 24% to be held by Chairman of Max India, Analjit Singh and his family through certain intermediate companies.

Bupa Group will take a 26% stake in the entity, the maximum allowed under current Indian rules on foreign investment in Insurance sector in the country.

Max India is a multi-business corporation, focused on people and service-oriented businesses including healthcare (Max Healthcare), life insurance (Max New York Life Insurance), clinical research (Neeman Medical International), specialty plastic products for the packaging industry (Max Speciality Products) and healthcare staffing (Max HealthStaff).

The joint venture entity to be called Max Bupa Health Insurance, will see an equity infusion of Rs 100 crore from both companies. The launch is, however, subject to regulatory approval.