Max India Concludes 3 Way Demerger to Unlock Value

15th January, 2016, New Delhi

Max India Limited, one of India’s leading multi business corporates, today announced its demerger into three listed companies – Max Financial Services Ltd., Max India Ltd. and Max Ventures & Industries Ltd., to provide its investors with specific and undiluted access to its diverse lines of businesses, unlock shareholder value and enable sharper focus on each operating business.
The first holding company, Max Financial Services Limited (MFS) will focus solely on managing the Group’s flagship life insurance business, through its 72% shareholding in Max Life, making it the first Indian listed company exclusively focused on life insurance.
The second holding company, which retains the name 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 provide these businesses, which are currently in their growth and development phases, closer attention to fulfil their tremendous potential.
The third holding company, Max Ventures & Industries Limited (MVIL) will manage the investment in the manufacturing subsidiary, Max Speciality Films, which is an innovation leader in the Speciality Packaging Films business. It will also evaluate new ideas in the ‘wider world of business’, including but not limited to sectors such as real estate, education and technology.
Explaining the transformative potential of the demerger, Mr. 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 emphasized 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.”
Showcasing this restructuring will be a rejuvenated Max logo which has been redesigned to become smarter and more contemporary while retaining the essence of its existing components that project its representation of the businesses of life. All operating companies will incorporate this new Max logo, including Max Bupa whose redesigned logo will now bear a more representative reflection of its Max Group lineage.
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 demerger represents the onset of the third horizon for Max Group since its inception. In the first horizon, the Group developed as a diversified pharma, telecom services, electronics and manufacturing conglomerate and established partnerships with global leaders in their respective domains.
The second horizon, beginning with the year 2000 saw the Max Group attain national prominence and set industry standards in its ‘businesses of life’. The Group has transformed to now become a $2 billion, multi-business corporation known for its entrepreneurial skills, service excellence, superior performance, and high quality governance.
Post restructuring, the erstwhile Max India’s existing shareholders will retain one equity share of Rs 2/- in Max Financial Services Limited. They will additionally get one equity share of Rs. 2/- each of the new company Max India Limited for every one equity share held in Max Financial Services and one equity share of Rs. 10/- each of Max Ventures and Industries Limited for every 5 equity shares of Rs. 2/- each held in Max Financial Services. The company has applied for approval from the Foreign Investment Promotion Board (FIPB) to enable issuance of the aforesaid new shares.
Even as all these changes will be implemented, the Group’s core values of Sevabhav, Excellence and Credibility will remain unchanged as it fulfills its commitments to its stakeholders and society.
About the Max Group
The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Healthcare & Allied businesses and packaging sectors. In FY ‘15, the Group recorded a consolidated turnover of Rs 14,877 Cr. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2015.The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, IFC Washington, Temasek, Fidelity and New York Life.
The Max Group comprises three holding companies, namely:
Max Financial Services, the holding company for Max Life, India’s largest non-bank-owned, private life insurance company. Max Financial Services owns and actively manages a 72.1 per cent stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan- headquartered global leader in life insurance.
Max India, the holding company for Max Healthcare, Max Bupa Health Insurance and Antara Senior Living, is focused on health and allied businesses. Max Healthcare and Max Bupa Health Insurance are joint ventures with global leaders, Life Healthcare (South Africa) and Bupa Finance Plc. (UK), respectively. These businesses have well-entrenched positions in their respective categories, and are recognized for their outstanding service standards. The Company owns and actively manages a 46.4% per cent stake in Max Healthcare, a 76% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living.
Max Ventures and Industries, the holding company for Max Speciality Films, an innovation leader in the Speciality Packaging Films business. In addition to manufacturing, the Company also serves as the Group’s entrepreneurial arm to explore the ‘wider world of business’, especially taking cues from the economic and commercial reforms agenda of the present Government, including ‘Make in India’, ‘Skill India’, ‘Digital India’, among others.
The two additional holding companies will be shortly listed on both the Bombay Stock Exchange as well as the National Stock Exchange.


  • Max Group companies architecture
  • Lists of:
    • Key position holders of all Holding and key Operating Companies
    • Board Members of all Holding and key Operating Companies


For information please contact:
Nitin Thakur
+91 9873347428

Beedisha Chakrabarti
+91 9899003192

Jayant Singh
+91 9999162213