The application to increase Bupa's shareholding was submitted following changes to India's foreign direct investment (FDI) rules to allow up to 49% ownership of insurance companies by foreign investors. Bupa is one of the first foreign investors in India's health insurance sector to have its application to increase its shareholding approved by Indian regulatory authorities and complete the transaction with its joint venture partner. Bupa has paid Rs 207 cr (approximately GBP 21.9m) to Max India, in an all cash transaction, for the stake increase.

The transaction was concluded after receiving regulatory clearances from the Insurance Regulatory and Development Authority of India (IRDAI).