Indian private equity firm True North is holding discussions to acquire a majority stake in Max Bupa Health Insurance, a unit of Max Financial Services, for 511 crore rupees ($71 million), expanding the transaction spree in the insurance sector this year.
True North will buy the entire ownership of Max Group and also a part of Bupa’s holding in the health insurer.
Max Group is exiting the health insurance play as part of a business portfolio which will lead it to focus on the bigger life insurance market through Max Life.
True North generates revenue of $98.1 million annually.