Goldman Sachs to invest in Max India.

Goldman Sachs to invest in Max India.

Promoter Group of Max India will bring in an additional Rs. 175 crore
Funding to be used for expansion of existing businesses

Max India, a leading multi-business corporate, today announced that it had garnered a high value investment of $115 million (about Rs. 540 crore) from the private equity arm of global investment bank Goldman Sachs. It adds to the set of esteemed investors in Max India, (comma) such as IFC, Warburg Pincus, Fidelity, HSBC, Janus, Federated Kaufmann and Prudential.

The investment will be through Fully & Compulsory Convertible Debentures (FCD) carrying a coupon rate of 12% per annum. These FCDs will be converted into equity shares of Max India in 15 months at Rs. 216.75 per share. Additionally, the Promoter Group of Max India will be bringing in Rs. 175 crore in the Company. These investments will be used to fund the Company’s expanding life insurance, healthcare and health insurance businesses; Max New York Life, Max Healthcare and Max Bupa. Goldman Sachs will have 9.4% stake in Max India after conversion of these FCDs and promoter warrants. The firm will get a seat on the Max India Board, though it will not have any affirmative rights.

The Promoter Group of Max India is being issued 2 million warrants of face value of Rs.867 each, for an aggregate consideration of Rs.173.2 crore, representing approximately 3% of the post issued equity share capital of the Company on conversion of warrants. The promoters will be investing 50% of the warrant money upfront against the stipulated minimum of 25%. Balance 50% will be invested within 18 months.

A principal player in the financial services space, Goldman Sachs has an exceptionally successful history of making long-term investments in highly capital intensive businesses. The firm also has the requisite expertise in the life insurance business through an investment in a leading Chinese insurance firm, Ping An Insurance.

Max India’s continuing commitment to Service Excellence, strong business performance and a transparent Board managed governance model, continues to assist the Company in gaining trust from first-rate investors.

About Max India

Max India Limited is a multi-business corporate, driven by the spirit of Enterprise and focused on People and Service oriented businesses. It ‘Protects Life’ through its Life Insurance subsidiary Max New York Life, a Joint Venture between Max India and New York Life, a Fortune 100 company; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a subsidiary of Max India Limited; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a Joint Venture between Max India and Bupa Finance Plc., UK, which is set to launch after statutory approvals; and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. From its past, Max India continues its interest in Speciality Films manufacture for the packaging industry through Max Speciality Films (MSF).

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Rahul Gossian

Communications Specialist
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 145
Cell # +91 9873154228+91 9873154228
E-mail: rgossain@maxindia.com

Max India Group crosses USD 1 billion mark in revenue

  • Embedded Value of Life Insurance Business at Rs. 2,284 crore, up 74%
  • Max New York Life’s Assets Under Management grow 51% to USD 1.2 billion
  • Max India Group companies win premier industry accolades for innovation, business excellence, performance and trust
  • International Finance Corporation invests Rs. 150 crore in Max India
  • Max India bolsters Corporate Governance across the Group

New Delhi, June 26, 2009: Max India Ltd. today announced its results for the year ended March 31, 2009. The Company continues to maintain a high growth trajectory.

The overall consolidated revenue for the year ended March 31, 2009 stood at Rs. 4,891 crore against Rs. 3,611 crore in the corresponding previous period, growing 35% year-on-year. The revenue growth is supported by a strong business performance with the Embedded Value of its Life Insurance subsidiary, Max New York Life, showing a healthy Y-o-Y growth of 74% to stand at Rs. 2,284 crore. MNYL’s Assets Under Management witnessed an increase from Rs. 3575 crore in FY 08 to Rs 5405 crore in FY 09, a growth of 51%. The financial year also saw a marked increase in the total customer base of the Company from 2.5 million to 3.5 million compared to corresponding last year.

Speaking on Max India Group’s performance, Mr. Analjit Singh, Chairman & Managing Director, Max India Limited, said, “We are delighted to have crossed the USD 1 billion revenue mark for the Group. The year has been satisfactory in terms of our business performance and we anticipate an even better growth gradient going ahead as the economy revives. What pleases me the most is the constant external recognition for enduring business performance and service excellence, which are our key commitments.”

  • Gross Premium Income of Max New York Life at Rs. 3,857 crore, Up 42%.
  • Max New York Life outperforms life insurance industry growth – Market Share amongst private life insurers improves from 5% to 6%.
  • Max Healthcare awarded land by Govt. of Punjab to build hospitals in Bathinda & Mohali with 300 beds each under public private partnership by 2011 – to add 1,200 beds across network by FY12.
  • Max Bupa on course to start operations in next 12 months.

Commenting on the value creation in the life insurance business, Mr. Anuroop (Tony) Singh, Vice Chairman, Max India Limited, added, “As a part of our continued commitment towards building trust through transparency, we have voluntarily disclosed the embedded value of our life insurance business, which has grown a healthy 74% to Rs. 2,284 crore.”

The Group’s companies won several awards and recognitions during the course of the Financial Year, a testament to their focus on Performance & Service Excellence. Some of these were the Golden Peacock award for innovation; CII-Exim Bank Commendation Certificate for Business Excellence; Gallup Great Work Place Award 2009; Mecrer-TNS ‘7th Best Company to Work For’ for MNYL and ‘Economics of Quality Award’ from Quality Council of India for MHC, which also became the first in North India to get National Accreditation Board for Hospitals and Healthcare providers award.

During the year, as a part of its commitment to build highest trust levels in stakeholders, Max India Group actioned some significant Corporate Governance initiatives by appointing a Vice Chairman and some globally renowned domain experts on Group companies Boards.

Mr. Anuroop (Tony) Singh has been appointed as Vice Chairman (Non- Executive) of Max India Limited. He was previously the CEO & Managing Director of Max New York Life since its inception. Earlier, he has held leadership positions at ANZ Grindlays Bank; Bank of America and American Express. Noted economist, Dr. Omkar Goswami has been appointed as an Independent Director on the Board of Max New York Life and Max Healthcare has appointed Dr. Ajit Singh as an Independent Director on its Board. Dr. Ajit Singh has a rich 20 years of experience at Siemens in various roles, most recently as the CEO of the Image & Knowledge Management Business Group of Siemens Healthcare.

Additionally, Ms. Marielle Theron has been appointed as Non- Executive Director at Max New York Life. Ms. Theronn previously headed Business Development & Strategy, Asia, for Swiss Re Life & Health, a large global re-insurer. Mr. Tony Coleman has been appointed as Business Advisor to the Group and a permanent invitee to the Max India board. He is currently Chairman of Enterprise & Financial Risk committee of the International Actuarial Association. Internationally acclaimed Management Guru, Mr. Ram Charan has been retained to facilitate the strategic dimensions of the Group.

The Max India Group will continue to invest in growth and performance. Max Bupa Health Insurance Limited, a Joint Venture between Max India and UK-based Bupa Group, is on course to start operations in the next 12 months. The Company has put in place its top management team headed by its CEO, Dr. Damien Marmion. The healthcare business is set to expand from 800 beds to 2000 beds in the next 3 years. Max Speciality Products is slated to expand its production capacity of BoPP films by 69%, to achieve 49,000 TPA in the near future.

About Max India

Max India Limited is a multi-business corporate, driven by the spirit of Enterprise and focused on People and Service oriented businesses. It ‘Protects Life’ through its Life Insurance subsidiary Max New York Life, a Joint Venture between Max India and New York Life, a Fortune 100 company; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a subsidiary of Max India Limited; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a Joint Venture between Max India and Bupa Finance Plc., UK which is set to launch after statutory approvals; and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. From its past, Max India continues its interest in Speciality Products manufacture for the packaging industry through Max Speciality Products (MSP).

Disclaimer

This release is a compilation of financial and other information all of which has not been subjected to audit. This may also contain statements that are forward looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from our expectations and assumptions. We do not undertake any responsibility to update any forward looking statements nor should this be constituted as a guidance of future performance.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Rahul Gossian

Communications Specialist
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 145
Cell # +91 9873154228+91 9873154228
E-mail: rgossain@maxindia.com

Max New York Life continues high growth Max India Group bolsters Governance Tony Singh appointed as Vice Chairman

Max India Group, India’s leading multi-business corporate, has gone on a Corporate Governance spree, appointing a Vice Chairman and international experts on its various Boards. This move is somewhat unusual for family sponsored companies in India.

Mr. Anuroop (Tony) Singh has been appointed as the Vice Chairman (Non Executive) of Max India Limited. He already has a long-standing association with the Max India Group. He was the CEO & Managing Director of the Group’s Life Insurance subsidiary, Max New York Life (MNYL), leading the Company since its inception in 2000. He launched and established Max New York Life’s pan-India presence and created its reputation for trust, and service excellence. He continues to actively contribute to the sustained growth of MNYL in his capacity as its Vice Chairman.

Mr. Anuroop Singh is a Member of Max India; Max Healthcare and Max Bupa Board of Directors and in his additional role as the Vice Chairman of Max India he will strengthen the Governance and Strategic Planning process and will be involved in people and leadership development. He will also help fortify the relationship of Max India with its JV Partners, New York Life International and Bupa Group.

He is a qualified Chartered Accountant with a vast three decades of experience in the financial services sector. Earlier, he was Country Head – India and Regional Head – Consumer Banking for ANZ Grindlays Bank; Country General Manager for retail banking at Bank of America for five years and worked for fifteen years in various positions with American Express, establishing the Company in several countries in the region.

He is currently a Director on the Board of several corporate entities and philanthropies such as Perot Systems, USA; Development Credit Bank (DCB); SOS Children’s Villages of India and Society for Integrated Development of Himalayas (SIDH).

Mr. Anuroop Singh’s appointment comes shortly after the addition of noted economist, Dr. Omkar Goswami, as a non-executive Director on the Board of MNYL and Dr. Ajit Singh as a non-executive Director on the Board of Group’s Healthcare subsidiary, Max Healthcare. Dr. Ajit Singh is a globally commended expert in the Life Sciences and Business Management space, with 2 published books, numerous refereed articles, and 5 patents to his name. He recently ended his 20 years stint at Siemens, last heading globally the Image & Knowledge Management Business Group of Siemens Healthcare, headquartered in Germany.

Additionally, Ms. Marielle Theron is being appointed as a non-executive Director of Max New York Life. Over the past 20 years, she has gained international repute, advising insurance corporations across Europe, Asia, Australia and New Zealand. In her earlier roles, she has headed Business Development & Strategy, Asia, for Swiss Re Life & Health, a large global re-insurer; was a Life Actuary for Tower Life, New Zealand and Executive Director of Mercer, Singapore. Most recently, she co-founded the company, Erlen Street, in Zurich, Switzerland that specializes in strategic investment and management consulting solutions. She has a hands-on approach to shaping strategy and driving performance in both new and established markets and continues to hold a keen interest in her area of expertise, Actuarial practice.

Max India has also appointed Mr. Tony Coleman as a Business Advisor to provide management and advisory services to the Group. Mr. Coleman is currently the Chairman of the Enterprise & Financial Risks Committee of the International Actuarial Association (IAA); the Australian representative on the International Accountings Standards Board Insurance Working Group and serves on Boards of several acclaimed companies in non-executive Directorship roles. During his career spanning over 30 years, he has worked with Insurance Australia Group Limited, as its Chief Risk Officer & Group Actuary; Price Waterhouse Coopers as Corporate Finance and Valuations Partner. He has also been the President of the Institute of Actuaries of Australia and Chairman of IAAust HIH Royal Commission Taskforce.

In addition to the above, Max India has also retained Management Guru, Prof. Ram Charan, to facilitate the Strategic dimensions at the Group level.

Welcoming the Directors’ appointments, Mr. Analjit Singh, Founder and Chairman of Max India, said, “The Company has always set high standards of honesty, openness and Corporate Governance, and worked towards increasing shareholders’ wealth. I am delighted to welcome these globally feted professionals now associated with the Max India Group of companies. They have an excellent track record in managing large businesses as well as specific domain expertise to offer to the Groups businesses. Our intent is to ensure that we continue to have strong and independent Boards steering Max India Group’s operations.”

Besides Mr. Analjit Singh and Mr. Anuroop Singh, Max India Limited’s existing Board of Directors consists of Dr. S. S. Baijal, Mr. Ashwani Windlass, Mr. N.C. Singhal, Mr. Rajesh Khanna, Mr. N. Rangachary, Mr. Piyush Mankad, Mr. Leo Puri, Mr. S.K. Bijlani and Mr. Aman Mehta.

About Max India Limited

Max India Limited is a multi-business corporate, driven by the spirit of Enterprise and focused on People and Service oriented businesses. It ‘Protects Life’ through its Life Insurance subsidiary Max New York Life, a Joint Venture between Max India and New York Life, a Fortune 100 company; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a subsidiary of Max India Limited; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a Joint Venture between Max India and Bupa Finance Plc., UK which is set to launch after statutory approvals; and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. From its past, Max India continues its interest in Speciality Products manufacture for the packaging industry.

Max India reported a strong consolidated operating revenue growth of 49% at Rs. 3,194 crore for the nine months ended Dec ’08. The Company has already invested about Rs. 1750 crore as on 31st Dec ’08.

Max New York Life (MNYL) is a Joint Venture between Max India Ltd. and New York Life, a Fortune 100 company. MNYL, incorporated in 2000, is one of India’s leading private life insurance companies. The Company offers both individual and group life insurance solutions. It has established a wide distribution network across India. Through its wide network of highly competent life insurance agent advisors and flexible product solutions, MNYL is creating a partnership for life with its customers in India to help them meet their life stage needs.

MNYL is on a significant expansion drive, more than doubling within the calendar year 2008 the strength of Agents and Distribution network to 72,000 agents across 555 offices. The Company had Assets under Management of Rs. 4,827 crore as on 31st Dec ’08.

Max Healthcare (MHC) is the country’s first comprehensive provider of standardized, seamless and world-class healthcare services committed to highest standards of medical and service excellence, patient care, scientific and medical education. It operates 8 centers in Delhi & NCR, offering services in over 30 medical disciplines.

MHC has state-of-the-art tertiary care facilities at Saket in South Delhi, secondary care hospitals at Pitampura, Patparganj, Gurgaon and Noida as well as an outpatient facility, the Max Medcentre and a Speciality centre focused on Eye & Dental care at Panchsheel Park.

The tertiary care hospitals at Saket include Max Devki Devi Heart & Vascular Institute, a Centre of Excellence in cardiac services, and the Max Super Speciality Hospital, a super speciality facility in Orthopaedics & Joint Replacement, Neurosciences, Paediatrics, Obstetrics & Gynaecology, Aesthetic & Reconstructive Plastic Surgery and Internal Medicine. In addition, it has an Institute of Allied Medical Services where it provides General and Laparoscopic surgery, Urology, Eye & ENT, Oncology, Nephrology, Dermatology, Department of Mental Health & Behavioural Sciences amongst others. MHC has collaboration with Singapore General Hospital in the areas of medical practices, nursing, paramedical, research and training.

MHC’s Revenue from network of hospitals for the 9 months ended December 2008 was at Rs. 314 crore, up 15%. It plans to add 7 hospitals over next 3 years nearly tripling its bed capacity to over 1,900 beds involving an additional capital outlay of Rs 1050 crores.

Max Bupa Health Insurance Limited (MBHI) is a Joint Venture between Max India Limited and UK-based Bupa Group, a leading international health and care organization. The Company is headquartered in Delhi and is set to launch its operations in 2009.

Max Neeman Medical International (MNMI) is a Clinical Research services provider offering services across the value chain of new drug development to a growing list of Pharmaceutical, Biotech and Clinical Research clients, in India and abroad. MNMI continues to focus on developing alliances with mid-sized pharma and biotech companies to transition their drug development work to India. It has an employee base of 200 and five Regional offices in India & one business development office in USA.

Max Speciality Products (MSP) specializes in manufacturing of wide range of sophisticated barrier and packaging films. The BOPP division of MSP has an installed capacity of 29,000 tons per annum. MSP’s leather finishing foil business division manufactures a range of leather finishing and laminating foils.

Note: The figures mentioned in the press note are un-audited

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Rahul Gossian

Communications Specialist
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 145
Cell # +91 9873154228+91 9873154228
E-mail: rgossain@maxindia.com

Max India announces results for the Nine Months ended December 31, 2008

– Consolidated Operating Revenue at Rs. 3,194 crore, up 49% –

– Assets under Management of Life Insurance Business at Rs. 4,827 crore , up 45% –

– Strengthens corporate governance and management team –

– Accolades across categories received by businesses –

  • Gross Premium Income for the nine months ended December 31, 2008 at Rs. 2,703 crore , Up 53%.
  • Max New York Life on a significant expansion drive – strength of agents and distribution network more than doubles within a year to 72,000 agents across 555 offices.
  • Revenue from network of hospitals for the nine months ended December 31, 2008 at Rs. 314 crore, Up 15%.
  • EBITDA from network of hospitals for the nine months ended December 31, 2008 at Rs. 24 crore, Up 82%.
  • Max Healthcare to add 5 hospitals over next 3 years, doubling its bed capacity to 1,500 beds.

Max India Ltd. today announced its un-audited results for the quarter and nine months ended December 31, 2008.

The consolidated operating revenue for the nine months ended December 31, 2008 at Rs. 3,194 crore, against Rs. 2,143 crore, in the corresponding previous period grew 49% year-on-year. The overall consolidated revenue for the nine months ended December 31, 2008 at Rs. 3,484 crore against Rs. 2,772 crore in the corresponding previous period, grew 26% year-on-year.

The consolidated operating revenue for the quarter ended December 31, 2008 at Rs. 1,134 crore against Rs. 913 crore in the corresponding previous quarter grew 24% year-on-year. The overall consolidated revenue for the quarter ended December 31, 2008 at Rs. 1,239 crore against Rs. 1,226 crore in the corresponding previous quarter grew 1% year-on-year. The consolidated net loss for the nine months ended December 31, 2008 stood at Rs. 350 crore against Rs. 55 crore in the corresponding previous period. The losses have increased on account of significant expansion being undertaken in the life insurance business. The distribution network has more than doubled within a year – from 233 offices as at December 31, 2007 to 555 offices as at December 31, 2008. The employee strength has also increased from 6,400 employees as at December 31, 2007 to 15,600 employees and the agency base has grown from 30,000 agents to 72,000 agents. This expansion and the growing share of new business premium cause strain on the profitability of the life insurance business.

Life insurance is a long-term contract. As per the accounting norms prevalent in India, the new premiums collected cause a strain on the profitability in the initial years as insurers have to put away a portion of the new premiums collected as reserves, commission and management expenses.

The contract, though, generates free cash flows over a long-term and is therefore profitable on a present value basis. Due to these reasons, the Company has reported consolidated net loss for the quarter ended December 31, 2008 at Rs. 94 crore against Rs. 4 crore in the corresponding previous quarter.

Commenting on the results, Mr. Analjit Singh, Chairman & Managing Director, Max India Limited, said, “The challenging macro economic environment has caused some moderation in the growth of our businesses in the recent quarter, but the robustness and inherent strength of our business model places us in a relatively better position. Our life insurance business continues to outpace the industry growth by a significant margin.” “The expansion of the healthcare business with new facilities at Patparganj, Saket and Dehradun is progressing rapidly towards completion. Our endeavor to provide our businesses with the committed capital to see them accomplish their desired growth objectives remains unchanged,” he added.

Max India also announced important top management changes at its subsidiary Max Healthcare. Dr. Pervez Ahmed has been appointed CEO and Managing Director of Max Healthcare. Accordingly, Mr. Analjit Singh will now retain the position of Chairman of Max Healthcare. Since the last two years, Dr Ahmed, along with Mr. Mukesh Shivdasani, has been a part of the 2-member joint Leadership Team. Dr. Ahmed served as Executive Medical Director of Max Healthcare from 2007-2009 before taking on the current role. He was previously Physician In-charge of ICU and Director of Critical Care Medicine at Brookdale Hospital Medical Centre, New York. Mr. Shivdasani will now move on to focus on Max India Group’s existing and future association with Healthcare Management Education.

This announcement follows the recent orderly management transition of two founding team members of Max New York Life Insurance to leadership roles in the Company. Rajesh Sud was appointed as the Chief Executive Officer and Managing Director and Rajit Mehta as the Chief Operating Officer of MNYL on Nov 1st, 2008.

Besides streamlining and strengthening the top management of its subsidiaries, Max India Ltd. is also strengthening their Board Governance process through the appointment of additional Independent Directors. Noted economist, Dr. Omkar Goswami has been appointed as an Independent Director on the Board of Max New York Life from December 3, 2008 and Max Healthcare is appointing Dr. Ajit Singh as an Independent Director on its Board. Dr. Ajit Singh spent 20 years at Siemens in various roles, most recently as the CEO of the Image & Knowledge Management Business Group of Siemens Healthcare.

Max New York Life (MNYL)

Gross premium income for the nine months ended December 31, 2008 at Rs. 2,703 crore grew 53% year-on-year. Annualized First Year Premium (new sales) for the nine months ended December 31, 2008 at Rs. 1,578 crore grew 43% year-on-year. Premium conservation ratio improved to 85% for the nine months ended December 31, 2008 from 82% in the corresponding previous period. Assets under Management as at December 31, 2008 at Rs. 4,827 crore grew 45% year-on-year.

The Company has over 2.4 million policies in force with around 900,000 policies sold during the nine months ended December 31, 2008. Sum assured in force as at December 31, 2008 over US$ 19 billion (Rs. 940 billion) has grown 49% year-on-year. MNYL has more than doubled its agency strength from 30,000 agents to 72,000 agents. The distribution reach has expanded from 233 offices across 155 3 locations to 555 offices across 364 locations. The shareholders infused Rs. 750 crore as fresh capital in the nine months, taking the total capitalization of the business to Rs. 1,782 crore.

Gross premium income for the quarter ended December 31, 2008 at Rs. 978 crore grew 28% year-on- year. Annualized First Year Premium (new sales) for the quarter ended December 31, 2008 at Rs. 547 crore grew 14% year-on-year. Premium conservation ratio at 80% is in line with the corresponding previous quarter. Over 322,000 policies were sold during the quarter, growing 37% year-on-year.

Net Loss before tax for the nine months ended December 31, 2008 stood at Rs. 410 crore against Rs. 101 crore in the corresponding previous period. Net Loss before tax for the quarter ended December 31, 2008 stood at Rs. 119 crore against Rs. 32 crore in the corresponding previous quarter. The losses for the nine months and quarter ended December 31, 2008 have increased because of the reasons explained earlier in this release.

MNYL has strengthened its distribution channels further through a tie-up with Barclays Finance, one of the leading NBFCs in customer acquisition. Barclays Finance has a network of 119 branches across 49 Indian cities. MNYL has also tied up with 3i Infotech and Mimoza, a large Micro Finance Institution for Max Vijay.

MNYL has received various accolades across categories, some of the significant ones being Golden Peacock Innovation Award 2008 for Max Vijay; Grant of US$400,000 from International Labour Organization (ILO) for Max Vijay; 7th best company to work for in India by Business Today – Mercer Survey; Outlook Money ranks MNYL # 1 in Slow, Medium and Quick fund category; CIO 100 Award for Innovation in Technology Implementation and CII Business Excellence commendation for “Strong Commitment to Excel”.

Max Healthcare (MHC)

Revenue across network of hospitals for the nine months ended December 31, 2008 at Rs. 314 crore grew 15% year-on-year. The average patient transactions per month improved to 160,000 for the nine months ended December 31, 2008 from 135,000 in the corresponding previous period. The average revenue per occupied bed day at Rs. 19,000 improved 3% year-on-year. Average Occupancy across facilities was maintained at 66% and average length of stay improved to 3.3 days. Revenue across network of hospitals for the quarter ended December 31, 2008 at Rs. 103 grew 5% year-on-year.

EBITDA for the nine months ended December 31, 2008 at Rs. 24 crore grew 82% year-on-year. The EBITDA margins improved to 7.5% from 4.8% in the corresponding previous period. The business turned cash positive in the second quarter of the current financial year. Cash profit for the nine months ended December 31, 2008 stood at Rs. 2 crore against cash loss of Rs. 12 crore in the corresponding previous period. EBITDA for the quarter ended December 31, 2008 at Rs. 8 grew 62% year-on-year and the margins improved to 8.2% from 5.3%. The cash profit for the quarter ended December 31, 2008 stood at Rs. 2 crore against cash loss of Rs. 2 crore in the corresponding previous quarter.

MHC received Express Healthcare Excellence Award for Innovative Marketing Practices and Best Managed Healthcare Program for its Health Insurance / TPA Program.

Max Speciality Products (MSP)

Revenue for the nine months ended December 31, 2008 at Rs. 285 crore grew 33% year-on-year. Sales quantity at 21,000 tons grew 25% year-on-year. Revenue for the quarter ended December 31, 2008 at Rs. 80 crore registered a negative growth of 5% year-on-year in line with significant drop in crude prices. The BOPP sales quantity for the quarter ended December 31, 2008 at 7,155 tons grew 7% year-on-year.

Net Profit before tax for the nine months ended December 31, 2008 at Rs. 18 crore grew 23% year-on- year. EBITDA for the nine months at Rs. 38 crore grew 16% year-on-year with margins at 13.4%. Net Profit before tax for the quarter ended December 31, 2008 stood at Rs. 4 crore against Rs. 7 crore in the corresponding previous quarter. EBITDA for the quarter ended December 31, 2008 stood at Rs. 10 crore against Rs. 13 crore for the corresponding previous quarter with margins at 12.8%.

Max Neeman Medical International (MNMI)

Revenue for the nine months ended December 31, 2008 doubled year-on-year to Rs. 10 crore. Revenue for the quarter ended December 31, 2008 at Rs. 3 crore grew 66% year-on-year. Order book as at December 31, 2008 at Rs. 40 crore also doubled within a year. The business development pipeline stood at over Rs. 120 crore as at December 31, 2008.

The business turned profitable in the nine months ended December 31, 2008 and reported a net profit of Rs. 1.0 crore against a loss of Rs. 2.5 crore in the corresponding previous period. The profit for the quarter ended December 31, 2008 stood at Rs. 0.2 crore against loss of Rs. 0.2 crore in the corresponding previous quarter.

About Max India

Max India Limited is a multi-business corporate, driven by the spirit of Enterprise and focused on People and Service oriented businesses. It ‘Protects Life’ through its Life Insurance subsidiary Max New York Life, a Joint Venture between Max India and New York Life, a Fortune 100 company; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a subsidiary of Max India Limited; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a Joint Venture between Max India and Bupa Finance Plc., UK, which is set to launch after statutory approvals; and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. From its past, Max India continues its interest in Speciality Products manufacture for the packaging industry.

Max New York Life (MNYL) is a Joint Venture between Max India Ltd. and New York Life, a Fortune 100 company. MNYL, incorporated in 2000, is one of India’s leading private life insurance companies. The Company offers both individual and group life insurance solutions. It has established a wide distribution network across India. Through its wide network of highly competent life insurance agent advisors and flexible product solutions, MNYL is creating a partnership for life with its customers in India to help them meet their life stage needs.

Max Healthcare (MHC) is the country’s first comprehensive provider of standardized, seamless and world-class healthcare services. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education. MHC operates eight centers in Delhi & NCR, offering services in over 30 medical disciplines. MHC has an out patient facility, the Max Medcentre and a Speciality centre focused on Eye and Dental care at Panchsheel Park, secondary care hospitals at Pitampura, Patparganj, Gurgaon and Noida and state-of-the-art tertiary care facilities at Saket in South Delhi.

The tertiary care hospitals at Saket include Max Devki Devi Heart & Vascular Institute, a Centre of Excellence in cardiac services, and the Max Super Speciality Hospital, a super speciality facility in Orthopaedics & Joint Replacement, Neurosciences, Paediatrics, Obstetrics & Gynaecology, Aesthetic & Reconstructive Plastic Surgery and Internal Medicine. In addition, it has an Institute of Allied Medical Services where it provides General and Laparoscopic surgery, Urology, Eye & ENT, Oncology, Nephrology, Dermatology, Department of Mental Health & Behavioural Sciences amongst others. MHC has collaboration with Singapore General Hospital in the areas of medical practices, nursing, paramedical, research and training.

Max Bupa Health Insurance Limited (MBHI) is a Joint Venture between Max India Limited and UK-based Bupa Group, a leading international health and care organization. The Company is headquartered in Delhi and is set to launch its operations in 2009. Dr. Damien Marmion has recently joined as the CEO and the Company is in the process of putting together its top management team.

Max Neeman Medical International (MNMI) is a Clinical Research services provider offering services across the value chain of new drug development to a growing list of Pharmaceutical, Biotech and Clinical Research clients, in India and abroad. MNMI continues to focus on developing alliances with mid sized pharma and biotech companies to transition their drug development work to India. It has an employee base of 200 and five Regional offices in India & one business development office in USA.

Max Speciality Products (MSP) specializes in manufacturing of wide range of sophisticated barrier and packaging films. The BOPP division of MSP has an installed capacity of 29,000 tons per annum. MSP’s leather finishing foil business division manufactures a range of leather finishing and laminating foils.

Disclaimer

This release is a compilation of unaudited financial and other information and has not been subjected to limited review. This may also contain statements that are forward looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from our expectations and assumptions. We do not undertake any responsibility to update any forward looking statements nor should this be constituted as a guidance of future performance.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Rahul Gossian

Communications Specialist
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 145
Cell # +91 9873154228+91 9873154228
E-mail: rgossain@maxindia.com