Niva Bupa Health Insurance, a joint venture between the UK-based insurer and Indian private equity fund True North, is working with an advisor on a possible stake sale, the report said. Sales could grow to $100 million.
An Indian general insurer backed by the British United Provident Association Ltd is considering selling a minority stake, according to people familiar with the matter, which could value the firm at around $2 billion.
Niva Bupa Health Insurance Co Ltd, a joint venture between the UK insurer and Indian private equity fund True North, is working with an advisor on a potential stake sale, the people said. He said the sale could raise up to $100 million.
People said True North may consider selling some of its stake. A deal could also include issuing new shares, said one of the people, asking not to be identified because the information is private.
The people said the discussions are at an initial stage, details like size and structure could change and the insurer could decide not to go ahead with the stake sale. Representatives for Bupa, Niva Bupa and True North declined to comment.
A deal would see the insurer join billionaire Uday Kotak's Kotak Mahindra Bank Ltd, which is considering selling a minority stake in its general insurance unit, Bloomberg News has reported.
Niva Bupa has a network of over 9,100 hospitals and serves around 7 million people as of March 2021, according to its website. Set up as a joint venture between Bupa and Indian insurer Max India Ltd, Max sold its stake to True North in 2019, according to the website. According to the UK insurer's annual report, the firm was rebranded as Niva Bupa two years later and Bupa increased its stake to 44.75%.
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