Bupa Group, a health and care company, and Max India, a health business group, have formed a new partnership to enter the health insurance market in India. The two firms have created a joint venture called Max Bupa Health Insurance.

Subject to regulatory approval, the new joint venture will offer a suite of products to both consumer and business customers. The initial share capital of the joint venture will be GBP12 million.

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

Ray King, CEO of Bupa Group, said: 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.

Analjit Singh, chairman of Max India, added: I am confident that with our expertise in forging successful partnerships and working efficiently and successfully in joint ventures alongside global leaders, this collaboration with Bupa will be a momentous one.