The Max Bupa Health Insurance company limited which was renamed as Niva Bupa Health Insurance Company Limited has rebranded itself as ‘Niva Bupa’.
The brand transition of the company will be completed by December 2021.
The rebranding of Max Bupa as Niva Bupa is due to the shareholder transition of Max Bupa from Max India to True North.
Background:
i.In 2019, Max India sold its 51% stake in Max Bupa to the private equity firm True North Fund VI LLP for more than Rs 510 crore.
ii.While concluding the transaction it was stated that the brand name of Max will be phased out over a period of 2 years.
iii.At present True North holds 55% and Bupa owns 44% in Niva Bupa Health Insurance company limited.
Niva Bupa:
i.The term Niva is derived from Sanskrit which means “Sun” the symbol of hope, source of energy and positivity.
ii.The decision on the new brand name was made based on the survey among the millennials and middle-aged customers.
iii.Under the new brand “Niva Bupa” the company will expand its digital and network presence.
Magma Fincorp Limited Renamed as Poonawalla Fincorp Limited
Magma Fincorp Limited (Magma), a non-banking finance company, was renamed as Poonawalla Fincorp Limited with effect from 22nd July 2021, following the acquisition of controlling stakes by Rising Sun Holdings Private Limited(RSHPL) owned by Adar Poonawalla the Chief Executive Officer(CEO) of Serum Institute of India(SII).
- Magma Housing Finance Limited, the subsidiary of Magma has also been renamed as Poonawalla Housing Finance Limited.
- Adar Poonawalla was appointed as the chairman of Magma Fincorp Limited on 31st May 2021.
- Vijay Deshwal was appointed as the CEO at Magma Fincorp with effect from the 1st week of July. he will also take charge as the Group CEO of Poonawalla Group’s financial services business.
About Max Bupa Health Insurance Company Ltd:
Max Bupa Health Insurance Company Ltd. (Max Bupa) is a joint venture between True North, a leading Indian private equity firm, and the UK based healthcare services expert, Bupa.
MD &CEO– Krishnan Ramachandran
Headquarters– Gurugram, Haryana
