British private healthcare group Bupa eyes growth in India’s fast-growing health insurance market, once a rule change on foreign investment is implemented.

Bupa, which operates globally and gets 70 percent of its revenue from health insurance, said in January it planned to raise its stake to a new maximum of 49 percent in its joint venture with Max India, from the current maximum for a foreign investor in insurance of 26 percent. It was the first foreign company to announce plans to raise its holding in an insurance venture after the rule change was announced in late 2014.

The company posted 2014 underlying pre-tax profit of 638 million pounds ($966.91 million) on Thursday, up 8 percent from a year earlier on a constant exchange rate basis. It launched a 350 million pound bond seven-year bond last year with a coupon of 3.375 percent, currently trading at a yield of 2.7 percent.

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