Max India Ltd announced its demerger into three listed companies “ Max Financial Services Ltd., Max India Ltd. and Max Ventures & Industries Ltd., to provide investors with specific and undiluted access to its diverse lines of businesses unlocking shareholder value and enabling a sharper focus on each operating business.
The Max Financial Services Limited (MFS) will be focussing solely on managing the life insurance business, through its 72 per cent shareholding in Max Life. While Max India Limited, will manage investments in the high potential Health and Allied businesses – Max Healthcare, Max Bupa and Antara Senior Living. The demerger will be providing these businesses a closer attention. The Max Ventures & Industries Limited (MVIL) will manage the investment in the manufacturing subsidiary, Max Speciality Films – Speciality Packaging Films business.
Analjit Singh, Founder & Chairman Emeritus, Max Group, said, The Group operates diverse businesses, each of which has considerable value and growth potential. The demerger will provide investors a choice to continue to be associated with all these businesses, or in the set of businesses that suit their respective investment objectives.
Mr. Rahul Khosla, President, Max Group, also emphasised the benefits of the demerger, saying, The demerger will lead to a more specific value discovery for each vertical. Moreover, it will provide sharper management focus to each underlying business. Due to their inherent features and priorities, each of the three holding companies will be optimally positioned to guide their operating businesses on their respective growth journeys.
The demerger, which was announced in Jan 2015 was concluded after consent and approvals from the High Court of Punjab & Haryana, the Insurance Regulatory and Development Authority of India (IRDAI), the Securities and Exchange Board of India (SEBI) and the Competition Commission of India (CCI).
The Max Group, one of Indias leading conglomerates, today announced the transition of Analjit Singh to the position of Founder & Chairman Emeritus, Max Group.
Rahul Khosla will be elevated to the highest utive position in the Group, as President, Max Group, as a part of a planned and orderly succession process that commenced with his appointment as Managing Director, Max India in 2011.
This leadership transition follows the demerger of the Groups listed holding company Max India Limited into three separate listed companies to give investors specific and undiluted access to the Groups diverse lines of businesses, provide sharper focus to each operating business and unlock shareholder value.
Analjit Singh formally stepped down from the Chairmanship and Board of the demerged entity Max Financial Services earlier today. He will step down from the Chairmanship and Boards of the demerged Max India and the Groups life insurance company, Max Life Insurance at their respective Board Meetings. Analjit will remain Chairman of Max Ventures and Industries (MVIL), as well as Chairman, Antara Senior Living. He will be a permanent invitee to the Boards and Committees of all Max Group companies. As Founder and Chairman Emeritus, Analjit will continue to provide guidance and vision to the Group and remain an invaluable guide to the Groups Boards and utive management. He will also leverage his entrepreneurial skills and experience in incubating new businesses in MVIL and nurturing Antara to maturity. In recognition of the need for continuity of leadership and representation, Rahul Khosla will assume the newly formed position of President, Max Group, which is the senior most utive position in the Group. Rahul will assume various roles in the Groups companies “ as utive President of Max Financial Services; Chairman of Max India, Chairman of Max Life Insurance; and Chairman of Max Healthcare. He will also become a Member on the Board of Max Ventures and Industries subsequently. He will continue to be on the Boards of Max Bupa and Antara Senior Living and will be a permanent invitee to the Boards and Committees of all Max Group companies.
Speaking about the opportunities ahead for him, Rahul Khosla, President, Max Group, said, I look to the future with a strong sense of enthusiasm. We have created a solid foundation by establishing a high performance culture, supported by a firm bedrock of values to achieve industry leadership in each of our businesses. Going forward, my focus will be to leverage this strong position and ignificantly grow our businesses, further strengthen governance, enhance our brand & reputation, optimize capital, and drive value creation for our stakeholders. Commenting on the leadership transition, Analjit Singh, Chairman Emeritus & Founder, Max Group, said, This process of passing of the baton from the Founder Sponsor demonstrates an evolution, which very few Indian business groups have been able to accomplish and signals high standards of transparency, governance, and forward thinking.
The other significant changes in the Group leadership are: Mohit Talwar, currently Deputy Managing Director of Max India, is being elevated to the position of Managing Director, Max Financial Services (MFS) and Managing Director, Max India. In addition, Mohit will become Vice Chairman of Max Ventures and Industries Limited (MVIL) and Chairman of its subsidiary, Max Speciality Films. He will join the Board of Max Life Insurance and will continue to be a Director in all the other operating companies.
While with the demerger the company also made some leadership transitions. Rajesh Sud is being elevated to the position of Vice Chairman, Max Life Insurance while retaining his position as the companys Managing Director. Rajesh will also continue to be Chairman, Max Bupa and will lead the Groups activities in the insurance & financial services sector.
Naina Lal Kidwai joins the Max Group as Chairman of Max Financial Services (MFS). Naina has recently stepped down from the position of Chairman, HSBC India, and is an industry stalwart who does not need any introduction. Her expertise and experience will help shape the future for MFS and Max Life Insurance.
Tara Singh Vachani, CEO, Antara Senior Living, joins the Board of Max India Limited as a non- utive Director and has been elevated as Managing Director of Antara Senior Living. Sahil Vachani will assume the position of Managing Director, Max Ventures and Industries (MVIL) and as a Board Member of its subsidiary Max Speciality Films. Sahil has several years of hands-on experience in managing and growing a manufacturing business which will be usefully applied to MVILs packaging business, MSF, as it seeks new avenues of growth. In addition, Sahil will drive entrepreneurial ventures for exploring the wider world of business in MVIL.