Max India Rewards its Shareholders with Special Interim Dividend of 500%

Max India Rewards its Shareholders with Special Interim Dividend of 500%

New Delhi, 9 November 2012: The Board of Directors of Max India Ltd, one of India’s leading multi-business corporates, today announced a Special Interim Dividend of 500% for its shareholders for the financial year 2012-13, which translates to Rs. 10 per share and outgo of Rs. 297 crore1

Sustained increase in profitability, inflow from the maiden dividend declared by Max Life (70% owned by Max India) coupled with Rs. 802 crore received by Max India from the recent transaction involving acquisition of 26% stake in its life insurance subsidiary Max Life insurance by Mitsui Sumitomo, has significantly boosted the treasury corpus of the Company.

The record date for the dividend has been set at 23 November, 2012.

Announcing the Special Interim Dividend, Mr. Analjit Singh, Chairman, Max India Ltd. said, “Max India has successfully led the transition of its businesses from incubation to performance and growth. Our shareholders have stayed patiently with us through this period, and it is only fair that we reward them in the form of this dividend.”

2012 has been a year of transformation for the Rs 8600 crore Max India Group, achieving profitability on a consolidated basis consistently for the last 8 quarters. The consolidated profit before tax for H1FY2013 is Rs 918 crore. The company’s businesses of life insurance, health insurance and healthcare enjoy strong positions in their respective categories and are continuing to grow at a healthy pace.

In his message to shareholders, Mr. Rahul Khosla, Managing Director, Max India Ltd. said, “The healthy balance sheet of the Company gives us the flexibility to reward shareholders, while also exploring opportunities for both organic and inorganic growth. Max India is well set for sustained growth with existing businesses that have strong fundamentals and new businesses showing encouraging promise and progress.”

Max India has complemented excellent operational performance with a focus on enhancing capital efficiency, capturing enterprise synergies and seeding future growth through expansion in the business portfolio. This year, Mitsui Sumitomo Insurance, of MS&AD Group, Japan acquired 26% stake in Max India’s life insurance business, Max Life Insurance Company. Additionally, in Jan 2012, Life Healthcare, a leading healthcare operator in Africa, acquired 26% stake in Max India’s healthcare business, Max Healthcare for Rs 516 crore. Max India is in the process of selling its packaging business, Max Speciality Films to German multinational, Treofan. These three transactions, will collectively yield over Rs. 2000 cr. for the Max India Group.

About Max India

Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Business of Life’ with its vision is to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mitsui Sumitomo; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its strategic business unit Max Speciality Films.

The flagship company Max India Limited is a widely held public listed entity, with the owner sponsors, led by Analjit Singh holding over 39% stake. Its other shareholders include some of world’s best Institutional Investors such as, Goldman Sachs, International Finance Corporation, Washington (IFC) and Temasek Holdings.

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 Bupa invites India to Walk for Health

Rolls out a first of its kind multi-city initiative to make over 20,000 Indians walk

New Delhi, October 16, 2012:

In keeping with its philosophy of placing customer?s health first, Max Bupa Health Insurance Company Limited today announced the launch of one of its kind multi-city initiative Walk for Health. Aimed at encouraging people to build more walking into their daily routine, Max Bupa Walk for Health, is an attempt to bring about positive long term sustainable behavioural change into their lives.

As a part of the initiative, Walk for Health will be organized during October and November 2012 in 11 cities for people of all age groups. On October 27 and 28, 2012, the walks will be organized in Chennai, Hyderabad, Kolkata, Ludhiana, Jaipur, Surat, Pune and Kochi. These will be followed by Walk for Health in Delhi, Mumbai and Bangalore on November 4, 2012. www.walkforhealth.in, is a dedicated website on the initiative that has been created for participants to register online with their friends and family and get access to useful tips on walking.

Speaking about the launch of the new health initiative, Manasije Mishra, Chief Executive (Designate), Max Bupa said, “Max Bupa Walk for Health is a unique initiative keeping with our mission to help people lead healthier and more successful lives. We have taken up the cause of walking as it is one the simplest and most accessible forms of physical activity. Through this initiative, we aim to spread awareness about the benefits of walking and encourage people to build more walking into their everyday life to enhance their overall well being.

“He further added, “Our research shows that 13% of men and 15% women in India agree that they use their cars for journeys which are short enough to walk. This figure is much higher than other countries like US, Hong Kong, Egypt and Brazil. Through Max Bupa Walk for Health, we want people to take the first step towards a healthier lifestyle.

“Note to the editor:

About Max Bupa Health Insurance

Max Bupa Health Insurance is a 74:26 joint venture between Max India Limited, a multi-business corporate with expertise in life insurance and health care and Bupa, a leading international healthcare provider with 65 years of healthcare knowledge. Max Bupa brings together a combination of Bupa?s global health insurance expertise and customer service expertise with Max India?s understanding and experience of the Indian health and insurance sectors. Max Bupa offers quality health insurance services through a dedicated team of over 1000 people and its network of 19 offices across 12 cities – Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Ludhiana, Chandigarh, Jaipur, Surat, Kochi and Kolkata. Max Bupa offers individual and family oriented health insurance policies for Indians across all age groups. Through its philosophy of “Your Health First” Max Bupa?s mission is to help customer?s live healthier and more successful lives.

Strong Network of over 1300 hospitals

Max Bupa Health Insurance has a direct working relationship with a network over 1300 top quality hospitals and healthcare providers and at the same time the company plans to extend xanax bars. Max Bupa at present services customers directly without third party involvement, through an in-house team of relationship managers andalso has a 24/7 health line for easy and friendly access to health advice. For more details about the company and a list of all our network hospitals please visit www.maxbupa.com.

About Max India

Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the “Business of Life? with its vision is to be one of India?s most admired corporates for Service Excellence. It “Protects Life? through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mitsui Sumitomo; “Cares for Life? through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; “Enhances Life? through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India ltd. and Bupa Finance Plc., UK; ?Rejuvenates Life? through its Senior Living business Antara, a fully owned subsidiary of Max India and “Improves Life? through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Specialty Products for the packaging industry through its strategic business unit Max Speciality Films.The flagship company Max India Limited is a widely held public listed entity, with the owner sponsors, led by Analjit Singh holding over 37% stake. Its other shareholders include some of world?s best Institutional Investors such as, Goldman Sachs,International Finance Corporation, Washington (IFC) and Temasek Holdings

About Bupa: 65 years of Health and Care

Bupa?s purpose is to help people lead longer, healthier, happier lives. Established in 1947, it has over 11.3 million customers in more than 190 countries. Employing over 52,000 people, Bupa has operations around the world, principally in the UK, Australia, Spain, New Zealand and the USA, as well as Hong Kong, Thailand, Saudi Arabia, India, China and across Latin America. A leading international healthcare group, Bupa offers personal and company health insurance, runs care homes for older people and hospitals, and provides workplace health services, health assessments and chronic disease management services, including health coaching, and home healthcare. With no shareholders, Bupa invests its profits to provide more and better healthcare and is committed to making quality, patient-centred, affordable healthcare more accessible in the areas of wellness, chronic disease management and ageing.

For more information, please contact:

Farheen Akhtar

Farheen.akhtar@maxbupa.com

Aanchal Jain

Aanchal.jain@maxbupa.com
97111779579711177957

Germany’s Treofan to acquire Max Speciality Films from Max India

Treofan offer Enterprise Value of Rs 540 crore for MSF

New Delhi 10 Sept 2012 The Board of Max India Limited, one of India’s leading multi-business conglomerates, today approved divestment of its profitable Biaxially Oriented Polypropylene (BOPP) Film division, Max Speciality Films to Treofan, a German global technology leader for BOPP film.

Treofan, which develops and sells BOPP films in over 90 countries around the world has already production facilities in Europe and the Americas, and has offered an Enterprise Value of Rs 540 crore to acquire 100% stake in Max Speciality Films. The offer from Treofan is subject to financing, a material adverse change clause, confirmatory due diligence, execution of mutually satisfactory sale and purchase agreements, management retention, formal approval from Treofan’s Advisory Board and receipt of regulatory and corporate approvals.

Max Speciality Films division is a strategic business unit of Max India. With a BOPP capacity of approx. 50,000 tonnes per annum (TPA), it is one of the leading Indian players in development and manufacture of specialty BOPP films, including multilayer white opaque films, ultra high barrier metalized plain films and leather finishing foils. Its products are used by leading players in food packaging, overwrapping, consumer products, labels and textile industries. A consistent winner of various quality and performance awards, MSF, last fiscal year before the ramp-up of the new line, registered revenue of Rs. 703 crore, a growth of 77% over its revenue in the previous fiscal. The EBIDTA also witnessed an increase of 50% over previous fiscal to reach Rs. 77 crore.

The decision to divest is consistent with Max India Group’s strategy to a focus on service oriented ‘businesses of life’. Max India generated revenues of around Rs 8,200 crore in FY12 across all its businesses, which in addition to Max Specialty Films includes Max Life (the largest private life insurer in India); Max Healthcare (focused on providing tertiary specialties in North India with1900 beds ); Max Bupa (dedicated health insurance business with more than 300,000 lives covered); Max Neeman, focused on Clinical Research; and Antara, a recently announced investment in the Senior Living Business.

Talking about the decision, Mr. Analjit Singh, Chairman Max India Limited said, “It was always a tough decision for us to divest the oldest business in our portfolio. MSF has been a well run business since many years now, a quality leader with a highly competent leadership team and a highly motivated workforce. It was an emotional decision for me personally, but the Board and Management rightly decided that it made good business sense to focus on our portfolio of service oriented businesses of life.”

Mr. Rahul Khosla, Managing Director, Max India said, “Max Speciality Films has been a strong and dependable performer for Max India with a consistent track record of topline and bottom line growth based in excellent products, processes, management leadership and innovation. We wish them the best and are sure that the expertise and access to global customers through the new parent Treofan will elevate this business to the growth trajectory they truly deserve. For Max India, this divesture will allow us to focus on our synergistic service focused businesses of life and the additional funds will provide us several options to invest in our growth.”

Mr. Mohit Talwar, Deputy Managing Director, Max India said, “There were several global players that evinced interest in acquiring the business, however we decided to progress further with Treofan, as we believe they are the natural owners of the business.”

Treofan Group is a global technology leader for biaxially oriented polypropylene film (BOPP). It develops, manufactures and markets its products under the brand names Treofan® and Treopore®. Treofan offers the most diverse and comprehensive product range within the industry, providing packaging, label and tobacco film applications as well as films for electronic devices, such as capacitors.

About Max India

Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Business of Life’ with its vision is to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mutsui Sumitomo; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its strategic business unitMax Speciality Films.

The flagship company Max India Limited is a widely held public listed entity, with the owner sponsors, led by Analjit Singh holding over 37% stake. Its other shareholders include some of world’s best Institutional Investors such as, Goldman Sachs, International Finance Corporation, Washington (IFC) and Temasek Holdings.

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

MS&AD Insurance Group Holdings to acquire 26% stake in MNYL

MNYL valued at Rs 10,504 crore (US $ 2.1 billion)
2nd largest Foreign Investment in the Indian Life Insurance sector
MS&AD attracted by profitable growth, superior performance and increasing market share of MNYL
MS&AD is the 7th largest non-life Insurance company globally, with a market cap of USD 12.6 bn and over 100 years history
MNYL’s brand name to be revised to ‘Max Life Insurance Company’ – a Max India and MS joint venture

12th April 2012 New Delhi In a development that reflects the growing interest in high quality life insurance companies in India, MS&AD Insurance Group Holdings, a Japan headquartered global insurance powerhouse, is buying[2] 26% stake in Max New York Life (MNYL), India’s 4th largest private life insurance company.

In an all cash transaction, MS&AD will pay Rs 2,731 crore (US $ 535 million) for the stake, making it the 2nd largest foreign investment in the Indian Life Insurance sector. The transaction values MNYL at Rs 10,504 crore (US $ 2.1 billion). The consideration offered by MS&AD reflects the strong confidence in MNYL and its superior performance, as demonstrated in 2011 when MNYL’s standing rose from 7th to 4th position in the Indian Private Life Insurance league tables, gaining 247 basis points market share in a highly competitive space. Post transaction, Max India’s majority stake of 70% will remain unchanged.

As a result of this transaction, Max India will get a net cash flow of Rs 802 crore (US $ 157 million). This reflects the instrumental role Max India has played as the majority partner since the inception of MNYL in developing the company not only as a top quartile player in the life insurance industry but more importantly as an organization that is looked up to as a benchmark by its peers in critical aspects such as a high quality agency model, customer retention and service quality.

After this transaction, the company will be rebranded Max Life Insurance Company[3], further strengthening the trust and consumer confidence in the Max India brand. The joint relationship with MS will also be highlighted in all the communication.

Announcing the transaction, Mr Analjit Singh, Chairman, Max India Limited, said, “The last decade of building MNYL, along with our joint venture partner New York Life, into a strong, independent, Board governed company, with loyal customers and satisfied employees and agents, has been an exciting and enriching journey. We appreciate our valuable partnership with New York Life and what we have been able to accomplish together. For the next stage of MNYL’s growth and development, we view MS&AD as an ideal partner. They are a financially sound and respected player with a strong international business and strategic aspirations to participate in the growth of life insurance business in India. More importantly, they are aligned with our existing strategy.”

According to Mr. Rahul Khosla, Managing Director, Max India Limited, “MNYL is the most profitable business in Max India’s portfolio and forms about 80% of group revenue. Given this, the deal provides the right direction for market valuation of Max India’s stock. The cash generated from the arrangement will enable Max India to invest in growth opportunities and reward shareholders.”

Rajesh Sud, CEO & Managing Director, Max New York Life, said, “We are delighted that a well renowned and experienced insurance group like MS&AD with a strong international business will be our partner in the next phase of our growth. As a financially strong and well run life insurance business which has completed 10 successful years and is widely acknowledged for its leadership, quality of business, strong culture and employees & management stability, we look forward to further strengthening our position in the Indian market. From a consumer standpoint, the transition will be seamless and we remain strongly committed to our strategy of serving the long term savings and protection needs of our customers through a high quality agency and multi-channel distribution.” He added, “MNYL has a Solvency Ratio of 539% as on 31st December 2011, which is significantly above the statutory requirement of 150%. Its current Assets under Management are over Rs 17,000 crore.”

MS&AD, which had identified entry into the high potential Indian Life Insurance sector as a part of its growth strategy, will get a head start in the form of a substantial stake in a top quartile Indian life insurer with strong fundamentals. MS&AD is the world’s 7th largest non-life insurance group, with a market cap of US $ 12.6 billion. Speaking on the occasion, Yasuyoshi Karasawa, President, Chief Executive Officer, Mitsui Sumitomo Insurance Co. Ltd., said “Max India is one of India’s most admired companies with a well recognized brand and a deeply experienced management team. MNYL is the best possible life insurance company that we could have partnered with for our entry into the Indian Life Insurance space with its life insurance focus, a balanced distribution and product mix, robust corporate governance practices and a strong & committed management team.”

Michael Sproule, Executive Vice President and Chief Financial Officer of New York Life Insurance Company, said, “New York Life and Max India have created significant value and we’re very proud of the strong company we’ve created together and the policyholders we serve. Over the long term, the partners’ view has been that the local partner, Max India, is best suited to have greater governance oversight and operating responsibility to oversee the company. Given this view on governance and the fact that the amount paid is consistent with recent transactions, and all parties are comfortable with the value, New York Life believes this is a good time to exit the joint venture and allow the new strategic business model to take shape. India remains a vibrant and attractive market for life insurance and we wish Max India and MS&AD, a high quality and very experienced global insurance company, tremendous success for their venture together.”

Max India had engaged Goldman Sachs as its financial advisor on the transaction while Citi advised MS&AD and Mitsui Sumitomo Insurance.

About Max New York Life (www.maxnewyorklife.com)

Max New York Life Insurance, incorporated in 2000, is one of India’s leading private life insurance companies. The company offers life insurance solutions for long-term savings and protection to over 3 million customers. It is amongst the top 4 private life insurers in India with 8.6% market share[4] of the private life insurance market.

In the tumultuous period between January and December 2011, when the private insurance industry suffered a 36% decline in sales 3, MNYL had a marginal decline in its year-on-year performance and improving its market share by 247 points with new business acquisition being amongst the best in the industry.

MNYL posted statutory profits of Rs 283 crore for the Financial Year ended March 2011 and of Rs 572 crore for the nine months ended December 2011. It currently has over Rs.16,836 crore of Assets under Management.

About Max India (www.maxindia.com)

Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Business of Life’ with its vision to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max New York Life; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; 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 manufacture of Speciality Products for the packaging industry.

For the Calendar Year 2011, Max India Group recorded a consolidated turnover of nearly Rs. 780 billion. The Group’s businesses have built commanding presence in their respective sector through a total customer base of nearly 5 million, over 500 offices spread across India and a people strength of 57,000 persons as on 31st Dec 2011.

The flagship company Max India Limited is a widely held public ltd company and is listed on the BSE and the NSE. The company is led by Analjit Singh who holds 37% stake and has as its shareholders, some of world’s best Institutional Investors such as Goldman Sachs, Fidelity, IFC, First State and Temasek.

About MS&AD (www.ms-ad-hd.com)

The MS&AD Insurance Group, which is based in Japan, was established in April 2010 as a result of business integration among Mitsui Sumitomo Insurance Group, Aioi Insurance and Nissay Dowa General Insurance. Today, with presence in over 41 markets globally, 17 of which are in Asia, MS&AD Insurance Group is the seventh largest general insurers in the world. The Group also received the ‘General Insurance Company of the Year’ award from Asia Insurance Review in 2011. Through its subsidiaries and associated companies in both domestic and overseas markets, MS&AD Insurance Group is active in five business domains, namely domestic non-life insurance, domestic life insurance, overseas, financial services and risk-related businesses. MS&AD Insurance Group has strong experience and an extensive track record in the area of life insurance through its subsidiaries Mitsui Sumitomo Aioi Life and Mitsui Sumitomo Primary Life. For the fiscal year ended March 31, 2011, MS&AD Insurance Group had consolidated net premiums written of 2,541.4 billion yen and consolidated total assets of 11,445.0 billion yen.

Mitsui Sumitomo Insurance is a core subsidiary of the MS&AD Insurance Group, offering high-quality insurance products and risk management services through a nationwide domestic network of approx. 650 sales branch offices and more than 40,000 agents. Mitsui Sumitomo Insurance also carries out overseas businesses, centered on the fast-growing Asian region, making full use of over 50 years’ experience of international operations.

About New York Life

New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset m anagement and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s Web site at www.newyorklife.com for more information.

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

Keiichi Sato

Mitsui Sumitmo Insurance
keiichi-sato@ms-ad-hd.com
Mobile: +81 8011709485+81 8011709485

William H. Werfelman

New York Life
william_werfelman@newyorklife.com
Mobile: +1 917 239-0982+1 917 239-0982 FREE

Mohit Talwar appointed Dy. Managing Director, Max India

Coming close to appointment of Rahul Khosla, cements process of inducting professional top management

New Delhi, 14 Feb, 2012: In a move aimed at strengthening its professional management, the Board of Directors of Max India Ltd, the Rs. 79 billion, multi-business corporate, today approved the appointment of Mohit Talwar as its Deputy Managing Director (DMD) and induction as an Additional Director on its Board. Mohit was previously Director – Corporate Development at Max India. He has been with the company for almost four years and has played a pivotal role in growing the business and transforming the Max India Group into a profitable, 1.7 billion-dollar enterprise. Mohit was also instrumental in Max Healthcare’s recent stake sale to South Africa’s Life Healthcare for Rs 516 crore. Mohit will continue to report to Rahul Khosla, Managing Director (MD), Max India Ltd.

Commenting on Mohit’s appointment, Mr. Rahul Khosla, MD, Max India Ltd., said, “Mohit is a valuable part of the leadership team and has demonstrated strong performance and commitment to the Group. I look forward to his vital support as the company’s Deputy Managing Director, as we set about driving growth, creating a more efficient enterprise approach and delivering on our values of caring and service excellence.”

As the DMD, Mohit will play a significant role in shaping the future success of the Max India Group. This will include managing effective shareholder alignment, especially with Max India valued joint venture partners, progressing new business opportunities – both organically and inorganically, ensuring appropriate funding arrangements for the Group, optimizing Group capital management and Treasury, managing Investor and Analyst Relations and advising Management and Shareholders on Capital Market implications. In addition, Mohit will also drive revenue synergies across the Max India Group.

In his prior role, as the Director Corporate Finance, Mohit successfully leveraged his strong relationships with institutional investors, hedge funds, banks and private equity firms, and led several complex Corporate Finance and financial structuring deals for the Max India Group to ensure adequate investment and liquidity for Max India’s operations.

Mohit has a wealth of experience in Corporate Finance and Investment Banking. He spent 24 years in Wholesale Banking in Standard Chartered, ANZ Grindlays and Bank of Nova Scotia. Prior to this, he spent almost 6 years with the Oberoi Group. Mohit is a post graduate from St. Stephen’s College and completed his management studies in Hospitality from the Oberoi School.

About Max India

Max India is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company’s vision is to be one of India’s most admired corporates for Service Excellence. (www.maxindia.com)

Max India is in the ‘Business of Life’. It ‘Protects Life’ through its Life Insurance subsidiary Max New York Life, a Joint Venture between Max India and New York Life Enterprises, ‘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 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 manufacture of Speciality Products for the packaging industry.

These businesses are high growth yet under penetrated sectors, which will continue to benefit from India’s demographic dividend and increasing purchasing power. Max India’s financial performance reflects this potential. The Group earned consolidated revenue of Rs. 79 billion in FY2011.

Supported by nearly 5 million strong customer base, each business has developed strong brands and a commanding presence in its respective sector. The Group has 500 offices across India and people strength of 54,000 persons.

Max India is a publically listed company. It is listed on both national exchanges in India, The Bombay Stock Exchange and The National Stock Exchange. The largest shareholding is of the owner sponsors, led by Mr. Analjit Singh at over 37%. Other significant shareholders include some of world’s most prestigious private equity investors such as, Warburg Pincus, Goldman Sachs, International Finance Corporation, Washington (IFC) and Temasek Holdings’. Recently Life Healthcare, South Africa’s leading healthcare services provider, operating over 63 hospitals and over 8000 beds across South Africa, recently acquired 26% stake in Max Healthcare.

Since the last few years, the Max India Group has set itself to achieve a high benchmark in the area of Governance. Today, the Company and all its subsidiaries have highly active and effective Governing Boards, with Board Members who are locally and internationally acclaimed as domain experts in their area of expertise. As a Board Governed company, this is a shift from only an eminence, to eminent and specific expertise representation of Board Members at the Board level.

Over its 25 years of existence, Max India has had a history of forging and nurturing strong and successful joint venture with leading global companies such as Hutchinson Telecommunications, Motorola, Schering AG, Avent Inc., Gist Brocades(GB), The Upjohn Company, Comsat International Ventures, Atotech BV. Today, the Company shares excellent relationships with its Joint Venture partners in the Life Insurance and Health Insurance space, namely New York Life Insurance Company and BUPA Plc. Not only have these partnerships stood the test of time, they have consistently grown, developed and matured into strong relationships.

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

Life Healthcare inks deal to buy 26% stake in Max Healthcare

All cash deal puts enterprise value of Max Healthcare (MHC) at over Rs. 2,300 Cr
Largest FDI in Indian Healthcare space
Life Healthcare (LHC) operates 63 hospitals and 8,000+ beds in South Africa
2nd largest hospital operator in SA with 27% market share and market cap of over USD 2 billion
LHC to provide expertise in areas of Nursing & Training, IT & Information, and Cross Facility Systems Standardization

New Delhi, 15 Jan 2012 Life Healthcare (LHC), a USD 2 billion South African healthcare major, today signed definitive agreements to invest Rs. 516.5 crore in Max Healthcare (MHC), one of India’s leading private healthcare provider for a 26% stake, at Rs. 50.24 per share, in an all cash transaction which puts the enterprise value of MHC at over Rs. 2,300 crore. This is the largest FDI transaction in the Indian Healthcare space. The deal provides LHC a platform to participate in the high growth Indian private healthcare space.

MHC is a subsidiary of Max India, one of India’s leading multi business corporates with interest in Life Insurance, Healthcare and Health Insurance. Max India is listed on BSE and NSE. MHC’s other shareholder includes IFC, Washington.

Speaking at the occasion, Mr Analjit Singh, Chairman, Max India Ltd. and Max Healthcare, said, “This deal will help us take Max Healthcare to its next level of growth. We expect to harness great synergies working together with Life Healthcare”.

Life Healthcare has the right to nominate two directors on the board of Max Healthcare. It also has consultative and informative rights.

Max Healthcare operates 11 hospitals in the Delhi-NCR region and North India. It is in the middle of organic expansion and opening 4 new hospitals in Delhi-NCR and North India within this financial year. This would double its capacity to 1,900 beds. It recently started 3 of these hospitals in Shalimar Bagh, Delhi; Mohali and Bathinda, Punjab. Max India will use the stake sale proceeds largely to fund MHC’s current expansion, and to optimize its cost of funds, leading to an improved financial performance.

MHC’s revenue in H1 FY 12 was Rs. 387 crore, a growth of 18% YoY. Its EBITDA in the same period grew by 42% YoY, to Rs. 19.8 crore.

Life Healthcare is the second largest private hospital operators in South Africa. It currently owns and operates 63 facilities with 8322 beds in a comprehensive geographic spread over seven South African provinces and Botswana. It is also a leading provider of acute rehabilitation and mental health services in the country.

Life Healthcare is a highly profitable company with cutting edge practices in expertise in the areas such as Nursing & Training, IT & Information, and Cross Facility Systems Standardization etc. It will work closely with MHC to transplant its expertise in these areas.

About Max Healthcare

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

The tertiary care hospitals at Saket include Max Super Speciality Hospital (East Block), which is a centre of excellence for Cardiac Care, Minimal Access, Metabolic & Bariatric Surgery and Cancer Care and Max Super Speciality Hospital (West Block), a super speciality facility in Orthopaedics & Joint Replacement, Neurosciences, Paediatrics, Obstetrics & Gynaecology, Aesthetic & Reconstructive Plastic Surgery and Internal Medicine. In addition, it offers services in the disciplines of Urology, ENT, Gastroenterelogy, Nephrology, Dermatology, Mental Health & Behavioural Sciences amongst others.

Max Healthcare has a base of over 1250 leading doctors, 3000 employees and 11,00,000 patients with number of beds growing to over 1900 within the current financial year.

About Max India

Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Business of Life’ with its vision is to be one of India’s most admired corporates for Service Excellence. 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; 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 manufacture of Speciality Products for the packaging industry.

In calendar year 2011, Max India Group recorded a consolidated turnover of over Rs. 80 billion. The Group’s businesses have built commanding presence in their respective sector through a total customer base of nearly 5 million, over 500 offices spread across India and people strength of nearly 60,000 persons as on 31st December 2011.

The flagship company Max India Limited is a widely held public ltd company and is listed on the BSE and the NSE. The company led by Analjit Singh holding 36.5% stake with other shareholders including some of world’s best Institutional Investors such as, Warburg Pincus, Goldman Sachs and IFC.

About Life Healthcare

The Life Healthcare (LHC) is a key role player in the South African healthcare sector, primarily serving the market for private medically insured individuals, representing more than eight million people. The group has one of the most extensive footprints in southern Africa.

LHC has 27 years’ experience in operating private hospitals in South Africa. The group was listed on the JSE in 1999, and subsequently taken private in 2005 by a consortium of investors including senior management. On 10 June 2010 the Company relisted in the Health Care Providers sector on the JSE main board, under the share code LHC and ISIN: ZAE000145892.

LHC’s healthcare business is organised into two divisions:

Hospital division:

representing 93% of LHC’s revenue comprising the core acute care hospital business and services for acute physical rehabilitation, mental healthcare and chronic renal dialysis. LHC has an extensive geographic network of 63 facilities comprising over 8,300 beds, including hospitals across seven of South Africa’s nine provinces and in the country’s most populous metropolitan areas. LHC operates a range of facilities adapted to meet the local demand in the various regions of the country, including complex, multi-disciplinary hospitals, community hospitals and specialised stand-alone facilities to provide the appropriate scale and scope of healthcare services. LHC hospitals admits over 600,000 patients annually and enjoys the support of approximately 2 700 specialists and other healthcare professionals.

Healthcare services division:

representing 7% of the group’s revenue for the year comprising acute and long term hospitalisation services to public sector patients provided by Life Esidimeni with , as well as contracted primary and occupational healthcare provided by Life Occupational

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