The largest non-banking private insurance company in India, Max India is looking for new organic as well as inorganic growth opportunities in the market following its deal with Mitsui Sumitomo.

Japan's MS&AD recently acquired New York Life's stake in an India-based joint venture that it operates with Max India. The Mitsui Sumitomo Insurance, which is one its core units, has entered into a deal to acquire stake in Max New York Life venture, the company said in a statement. Under the Indian laws, a foreign company is permitted to acquire only upto 26 per cent stake in Indian life insurance companies.

New York Life's 26 per cent stake in the joint venture will be sold to MS&AD for about $ 530 million, according to reports. The MS&AD Insurance Group is Japan's largest property-casualty insurer by revenue and is undergoing an aggressive expansion through acquisitions in Asia.

Rahul Khosla, managing director of Max India said that the deal is god for the group as the additional resources will allow the company to grow without diluting its stake in the joint venture. The Max New York Life venture had gross insurance premiums of Rs 5,810 crore and pre-tax shareholder income of Rs 194 crore for the year till March 2011.