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IIHL, an investment arm of the Hinduja brothers, aims to improve valuation of its investment to $50 billion by 2030. IIHL has already received RBI nod to raise its state in IndusInd Bank to 26%. The investment arm also plans to grow life and non-life businesses, start its health insurance operations and will retain Reliance Securities and ARC businesses.

Bupa is likely to pick up as much as 15-20% stake from True North, at a valuation of ₹11,000-12,000 crore, the sources said. Bupa currently holds a 44.42% stake in the health insurer. Indian insurance sector regulations permit foreign investors to hold up to 74% stake in an insurance company.