Swiss Re, a reinsurance company, is in talks with India-based Religare Enterprises to establish a joint-venture with an initial investment of up to INR 500 crore ($104.9 million). The new joint venture will operate as a health insurance company in India.

At present, foreign insurance companies are not permitted to own more than 26% stake in Indian insurance ventures. So, the maximum stake with which Swiss Re can end up in the JV is 26%.

Switzerland-based Swiss Re has already marked entry into Indian health insurance sector by owning a 26% stake in TTK Healthcare Services. TTK Healthcare is a health insurance third-party administrator.