Bupa Group mulling investments in India to expand footprints

International healthcare provider Bupa Group plans to make investments in India to enhance its footprint in the country, said the company’s chief executive officer Iñaki Ereño. “We want to be big in India. We believe India is going through a big healthcare revolution. We intend to invest as much as it’s needed for a partner to develop healthcare,” Ereño said. Asked about reports about the Bupa Group raising a stake in Niva Bupa, its Indian joint venture, managing director Niva Bupa Krishnan Ramachandran said, “It’s not at a stage where I can offer a comment.”

Niva Bupa is a JV between the Bupa Group and Fettle Tone LLP (an affiliate of True North Fund VI LLP), a leading Indian private equity firm. On June 23 that UK health insurer Bupa is in talks with True North to pick up an additional 15-20% stake in the insurance company at Rs 11,000-12,000 crore valuation. Bupa currently holds around 44% stake in the entity. “I think from my standpoint, commenting on behalf of the company, what I can say, whether it’s Bupa or True North. In terms of capital for the right reasons – growth and solvency that capital is forthcoming from shareholders. That is where the actual position is at this point in time,” Krishnan said.

Ereño said digitalization would be a big focus for the group, which has also identified affordable healthcare solutions or social healthcare as key growth areas. Asked about the proposed composite license, Ramachandran said in order to move towards health insurance for all Indians, there is a need for more players, and the composite license is one mechanism to get to that opportunity. Neva Bupa grew 45% in 2022-23, as against the industry average of 18-20%. The government has proposed amendments to the insurance laws, including granting insurers a composite license to allow them to sell different products in different segments of the sector. Siliconindia