The Insurance Regulatory and Development Authority of India approved True North Fund VI LLP's purchase of Max India Ltd.'s 51% stake in Max Bupa Health Insurance Co. Ltd.

Max India announced the all-cash transaction in February. The acquisition, which is now set to close within the next few weeks, valued Max Bupa at an enterprise value of 10.01 billion rupees.

Max Bupa is a joint venture between U.K.-based Bupa and Max India.

As of Dec. 2, US$1 was equivalent to 71.66 Indian rupees.