Max India registers strong growth for the quarter ended September 2016

Q2 FY2017 Results Highlights:

  • Max Healthcare Network of Hospitals Gross Revenues: Rs. 667 Cr., grew 24%
  • Max Healthcare Network of Hospitals EBITDA: Rs. 80 Cr., grew 52%
  • Max Bupa Gross Written Premium: Rs. 138 Cr., grew 24%

9th November 2016, New Delhi

Max India Ltd. (Max India), one of the three listed companies formed after the demerger of the erstwhile consolidated Max India, today announced its financial results for the second quarter of FY2017 (Q2 FY2017).

Max Healthcare (MHC), the largest operating company under Max India, reported Gross Revenues of Rs. 667 Cr. in Q2 FY2017 for its network of owned and managed hospitals, growing an impressive 24% over the corresponding period last year. MHC, which is an equal joint venture with South Africa-based Life Healthcare, reported a 52% growth in network EBITDA to Rs. 80 Cr for the same period. The robust growth in revenues was driven primarily by contributions from tertiary specialities such as Renal Sciences, Neuro, Cardiac, Orthopaedics and Oncology. In the first half of FY2017 (H1 FY2017), MHC’s Gross revenues grew 26% over the corresponding period last year to Rs. 1,300 Cr., while EBITDA grew 44% to Rs. 140 Cr.

MHC has undertaken significant expansion efforts in the recent past, including two large acquisitions in the Delhi/NCR region — Pushpanjali Crosslay Hospital (now Max Super Speciality Hospital, Vaishali), in May 2015 followed by the acquisition of operating rights for the marquee South Delhi-based Saket City Hospital (Now Max Smart Super Speciality Hospital) in October 2015. Together these have already enhanced MHC’s existing bed capacity by over 25%. Moreover, the company plans to expand the Max Smart Super Speciality Hospital by 900 additional beds over the next few years, thereby expanding its capacity to 1200 beds. Combined with Max Healthcare’s existing and contiguously located flagship facility (Max Super Specialty Hospital – Saket), Max Healthcare will have a footprint of around 2,000 beds in a prime location of South Delhi (Saket), creating one of the largest as well as highest quality healthcare facilities across Asia. These acquisitions and the latent capacity already available within the MHC network enable MHC to expand capacity to 5,000 beds over the next 5 years.

Max Bupa, one of India’s leading standalone private health insurers, also reported significant growth in its topline with Gross Written Premium (GWP) of Rs. 138 Cr. in Q2 FY2017, 24% higher than last year. The company reported a Profit Before Tax of Rs. 23 Cr. in Q2FY2017, including a one-off accounting adjustment. Max Bupa expects to break even within the next two years.

This quarter, Max Bupa commenced offering its comprehensive health insurance policy suite to the diverse and large customer base of Bank of Baroda, one of India’s largest public sector banks, through a bancassurance corporate agency agreement. Max Bupa already has bancassurance arrangements and strategic alliances with other leading retail finance institutions such as Standard Chartered Bank, Federal Bank, Ratnakar Bank, Deutsche Bank, Muthoot Finance and Bajaj Finserv.

In H1 FY2017, Max Bupa reported GWP of Rs. 260 Cr., growing 23% over the corresponding period last year. The first half of the year was also marked by other significant developments at Max Bupa – Max India’s JV partner Bupa, a leading international healthcare group, acquired additional stake in Max Bupa, increasing shareholding from 26% to 49%. One of the fastest growing players in the segment, Max Bupa is now the country’s 8th largest private health insurer.

Antara Senior Living, the third operating company under Max India, is pioneering the concept of ‘Age in Place’ for the elderly by developing Senior Living communities in India. Antara will launch its maiden community with around 200 apartments in Q4 FY2017 near Dehradun, Uttarakhand.

Commenting on Max India’s performance, Mr. Rahul Khosla, Chairman, Max India said, Less than a year since restructuring the Max Group, we have started seeing benefits for our operating businesses in the form of sharper focus and improved capabilities to leverage their underlying strengths. Growth in top line and profitability are testimony to the success of several initiatives such as new clinical programs, product launches and refinements, deeper alliances and partnerships, improved operating efficiencies, delivery of superior service quality, and visible return on investments in people and technology, including digital delivery of healthcare and health insurance services.”

Mr. Mohit Talwar, Managing Director, Max India, added, “The market has responded favourably over the past few months since the Max India stock started trading in July, and we hope the investors’ trust in us will only continue to grow from here. A cash infusion of Rs. 100 Cr. Is expected to flow into Max India from the potential merger of MFS, Max Life and HDFC Life, and will create adequate liquidity to explore additional growth opportunities, mainly in healthcare.”

In January 2016, the Max Group concluded an important corporate restructuring wherein the erstwhile Max India was demerged into three separate entities, Max Financial Services, Max India and Max Ventures & Industries. With the listing of the Max India stock in July 2016, all three demerged companies of the Max Group are now listed.

 

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY 2016, the Group recorded consolidated revenues of Rs 14,237 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2016. The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Fidelity, Wasatch, Ward Ferry, Nomura, New York Life and Invesco.

The Max Group comprises three listed companies, namely Max Financial Services, Max India and Max Ventures & Industries.

About Max India Limited

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 45.95% per cent stake in Max Healthcare, a 51% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living.

Max India is listed on both the Bombay Stock Exchange as well as the National Stock Exchange.

For information please contact:
Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

Jayant Singh
jsingh@maxindia.com
+91 9999162213

For further information, please visit:

Max Group: www.maxgroup.net

Max India: www.maxindia.com

Q1 FY2017 Results Highlights:

  • MHC Network Gross Revenues: Rs. 633 Cr., grew 28%
  • MHC Network EBITDA: Rs. 61 Cr., grew 34%
  • Max Bupa Gross Written Premium: Rs. 122 Cr., grew 21%

 

8 August 2016, New Delhi

Max India Ltd. (Max India), one of the three holding companies formed after the demerger of the erstwhile consolidated Max India, today announced its financial results for the first quarter of FY2016-17. These are the first set of financial results to be declared since the Company’s stock commenced trading on the NSE and the BSE in July 2016.

Max Healthcare (MHC), the largest operating company under Max India, reported Gross Revenues of Rs. 633 Cr. for its network of owned and managed hospitals, growing an impressive 28% over the corresponding quarter in the last financial year. MHC, which is an equal joint venture with South Africa-based Life Healthcare, reported a 34% growth in network EBITDA to Rs. 61 Cr.. The robust growth in revenues was primarily driven by contribution from tower specialities such as Renal Sciences, Cardiac, Orthopaedics, among others. With 12.5% contribution to overall revenues, Oncology was the highest revenue contributor.

In the past one year, MHC has undertaken significant expansion efforts including two large acquisitions in the Delhi/NCR region — Pushpanjali Crosslay Hospital in May 2015 and the marquee South Delhi-based Saket City Hospital in October 2015. Together the two hospitals immediately increased MHC’s existing bed capacity by over 25%. The company plans to further expand the Saket City Hospital facility (renamed Max Smart Super Speciality Hospital) by 900 additional beds over the next few years, thereby expanding its capacity to 1200 beds. Combined with Max Healthcare’s existing and contiguously located flagship facility (Max Super Specialty Hospital – Saket), Max Healthcare will have a footprint of more than 2,000 beds in Saket, creating one of the largest and highest quality healthcare facilities across Asia..

Max Bupa, one of India’s leading standalone private health insurers, also reported significant improvement in its topline with Gross Written Premium of Rs. 122 Cr. in Q1 FY2017, growing 21% over last year. The last quarter was also marked by other significant developments at Max Bupa – Max India’s JV partner Bupa, a leading international healthcare group, acquired additional stake in Max Bupa, increasing shareholding from 26% to 49%.

In addition, Max Bupa recently inked a bancassurance corporate agency agreement with Bank of Baroda (BoB), one of India’s largest public sector banks. Max Bupa will now be able to offer its comprehensive health insurance offering to BoB’s diverse customer base across the country. Max Bupa already has bancassurance arrangements and strategic alliances with leading institutions such as Standard Chartered Bank, Federal Bank, Ratnakar Bank, Muthoot Finance and Bajaj Finserv. One of the fastest growing players in the segment, Max Bupa is now the 9th largest private health insurer in the country, recently achieving a milestone of 1 million retail customers. The Company now serves as a trusted health insurance partner to more than 2 million customers, including rural customers covered under the Government’s Rashtriya Swasthya Bima Yojana (RSBY) scheme.

Antara Senior Living, the third operating company under Max India, is pioneering the concept of ‘Age in Place’ for the elderly by developing Senior Living communities in India. Antara will launch its maiden community with over 200 apartments in December 2016 near Dehradun, Uttarakhand.

Commenting on Max India’s performance, Mr. Rahul Khosla, Chairman, Max India said, These results reflect the tremendous growth opportunity in our key underlying businesses. With only about 5% penetration of health insurance and 1.3 hospital beds per 1000 people, both Healthcare and Health Insurance sectors have very low penetration and therefore huge growth potential. Senior living is a sunrise industry in which Antara Senior Living is a pioneer.”

Mr. Mohit Talwar, Managing Director, Max India, added, “The ‘new’ Max India is, in many ways, a reflection of the old Max India with immense opportunities to grow shareholder value across its portfolio. Our businesses will continue to set the pace in their respective industries, while focusing on sustained profitability and growth over key fiscal metrics. Backed by high quality leadership teams, we are well placed for another successful year.”

In January 2016, the Max Group concluded an important corporate restructuring wherein the erstwhile Max India was demerged into three separate entities, Max Financial Services, Max India and Max Ventures & Industries. With the listing of the Max India stock in July 2016, all three holding companies of the Max Group are now listed.

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY 2016, the Group recorded consolidated revenues of Rs 14,237 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2016.The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Temasek, Fidelity and New York Life.

The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.

About Max India Limited

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 45.95% per cent stake in Max Healthcare, a 51% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living.

 

Max India is listed on both the Bombay Stock Exchange as well as the National Stock Exchange.

For information please contact:
Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

For further information, please visit:

Max Group: www.maxgroup.net

Max India: www.maxindia.com

Max India Limited to list tomorrow; opportunity to invest in high-potential healthcare and allied services businesses

13th July 2016, New Delhi

Max India Limited, one of the three new holding companies formed after the demerger of the erstwhile Max India Limited, will list and start trading on the National Stock Exchange (NSE) as well as the Bombay Stock Exchange (BSE) on 14th July 2016. The listing will unlock value for the shareholders of erstwhile Max India allowing them to trade in a stock which manages investments in high-potential Health and Allied services businesses.

The new ‘Max India Limited’, which is the holding company of Max Healthcare, Max Bupa Health Insurance and Antara Senior Living, will be the third company to start trading on the bourses after the demerger of the erstwhile Max India. Max Financial Services and Max Ventures and Industries have already started trading ex-demerger on 27th January and 22nd June, 2016 respectively.

Max Healthcare and Max Bupa Health Insurance are joint ventures (JV) 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. Max India owns and actively manages a 45.95% per cent stake in Max Healthcare, a 51% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living.

Since 2011, Max Healthcare’s revenues have grown at a CAGR of 26% and the company turned profitable in FY2016 reporting an EBITDA of Rs 215 Cr. and a Profit after Tax of Rs. 10 Cr. In the past one year, the company has undertaken significant expansion efforts including two large acquisitions in the Delhi/NCR region. In May 2015, the company acquired a 78% stake in Pushpanjali Crosslay Hospital and in October 2015, Max Healthcare acquired a 51% stake in marquee South Delhi-based Saket City Hospital from Smart Health City Pte Ltd,. The company plans to expand the Saket City Hospital facility by adding 900 beds over the next few years, thereby expanding its capacity to 1200 beds. Combined with Max Healthcare’s existing and contiguously located flagship facility (Max Super Specialty Hospital – Saket), Max Healthcare will have a footprint of more than 2,000 beds in the heart of South Delhi.

Max India’s second operating company, Max Bupa, has registered a cumulative average growth rate of 80% in its Gross Written Premium (GWP) since its inception in 2010. The company reported GWP of Rs. 476 Cr. in FY2016, growing 28% over the previous year. Max India’s JV partner Bupa, a leading international healthcare group, recently acquired an additional stake in Max Bupa, increasing their shareholding from 26% to 49%. Max Bupa also recently tied-up with Bank of Baroda for a bancassurance corporate agency agreement. Under this agreement, Max Bupa will now be able to offer its comprehensive health insurance offering to the diverse customer base of Bank of Baroda across the country. Max Bupa already has bancassurance arrangements and strategic alliances with leading institutions such as Standard Chartered Bank, Federal Bank, Ratnakar Bank, Muthoot Finance and Bajaj Finserv. One of the fastest growing players in the segment, Max Bupa is now the 9th largest private health insurer in the country, recently achieving a milestone of 1 million retail customers. The Company now serves as a trusted health insurance partner to more than 2 million customers, including rural customers covered under the Government’s Rashtriya Swasthya Bima Yojana (RSBY) scheme.

Antara Senior Living, the third company under Max India, is pioneering the concept of ‘Ageing in Place’ for the elderly by developing Senior Living communities in India. Antara’s maiden community with over 200 apartments, situated near Dehradun, Uttarakhand will be functional by December 2016.

Speaking on the occasion of listing of the company, Rahul Khosla, President, Max Group and Chairman, Max India said, “There is tremendous growth opportunity in each of the three underlying businesses of Max India. With only about 5% penetration of health insurance and 1.3 hospital beds per 1000 people, both Healthcare and Health Insurance sectors have very low penetration and therefore huge headroom for growth. Senior living is a sunrise industry in which Antara Senior Living is a pioneer.”

Mohit Talwar, Managing Director, Max India said, “The listing of the new Max India will lead to a more specific value discovery for our businesses in the Health & Allied space and will provide investors the choice to be associated exclusively with these high-potential businesses.”

 

About 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 ‘16, the Group recorded a consolidated turnover of Rs 14,237 Cr. It has a total customer base of over 9 million, nearly 240 offices spread across India and people strength of around 22,500 as on 31st March 2016. The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Temasek, Fidelity, Vanguard 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 69.01 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 45.95% per cent stake in Max Healthcare, a 51% 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.

For information please contact:
Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Jayant Singh
jsingh@maxindia.com
+91 9999162213

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

For further information, please visit:

Max Group: www.maxgroup.net

Max India: www.maxindia.com

Bupa completes share purchase from partner Max India to increase its stake in Indian health insurer Max Bupa to 49%

13 June 2016

International healthcare group Bupa and leading multi-business corporate, Max India Ltd., today announced the completion of the transaction to increase Bupa’s shareholding in their health insurance joint venture Max Bupa from 26% to 49%.

The application to increase Bupa’s shareholding was submitted following changes to India’s foreign direct investment (FDI) rules to allow up to 49% ownership of insurance companies by foreign investors. Bupa is one of the first foreign investors in India’s health insurance sector to have its application to increase its shareholding approved by Indian regulatory authorities and complete the transaction with its joint venture partner. Bupa has paid Rs 207 cr (approximately GBP 21.9m) to Max India, in an all cash transaction, for the stake increase.

The transaction was concluded after receiving regulatory clearances from the Insurance Regulatory and Development Authority of India (IRDAI).

Launched in 2010, Max Bupa is already the 7th largest private health insurer in India. With a base of more than two million customers across India, it continues to be amongst the fastest growing stand-alone health insurers. The company has focused on building a retail customer and product portfolio via multiple sales channels including agency, bancassurance, telesales and online.

David Fletcher, Managing Director of International Development Markets at Bupa said: “We are pleased to have completed the transaction with our partners Max India to increase our shareholding in Max Bupa to 49%. Bupa’s commitment to the Indian health insurance market is strong, demonstrated by the speed we have moved to increase our shareholding. We are excited about continuing to work with Max India on the growth and development of our joint venture Max Bupa, offering Indian consumers and families high quality, affordable health insurance.”

Rahul Khosla, President, Max Group and Chairman, Max India, said, “Bupa’s stake increase is a clear affirmation of the huge growth opportunity for health insurance in India. The proceedings received from the transaction will support the growth aspirations of Max India as well as Max Bupa. This increase in commitment by Bupa, coupled with the recent strategic reorientation of Max India, will strengthen Max Bupa’s position as an innovative leader in its field while setting new benchmarks in customer experience.”

Analjit Singh to be Founder & Chairman Emeritus, Max Group
Rahul Khosla to be President, Max Group
Mohit Talwar to be Managing Director of Max Financial Services and the demerged Max India
15th Jan 2016 New Delhi

The Max Group, one of India’s 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 executive 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 Group’s listed holding company Max India Limited into three separate listed companies to give investors specific and undiluted access to the Group’s 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 Board’s of the demerged Max India and the Group’s 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 Group’s Boards and executive 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 executive position in the Group. Rahul will assume various roles in the Group’s companies – as Executive 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 significantly 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.
Rajesh Sud is being elevated to the position of Vice Chairman, Max Life Insurance while retaining his position as the company’s Managing Director. Rajesh will also continue to be Chairman, Max Bupa and will lead the Group’s 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- executive 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 MVIL’s 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.
The Boards of the three newly created holding companies were also reconstituted earlier today and are attached in the Annexure .

About 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.

 

Annexure:

  • 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
nthakur@maxindia.com
+91 9873347428

Jayant Singh
jsingh@maxindia.com
+91 9999162213
Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

Priyanka Guha
priyanka.guha@text100.co.in
+91 8373924991

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.

Annexure:

  • 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
nthakur@maxindia.com
+91 9873347428

Beedisha Chakrabarti
beedisha.chakrabarti@text100.co.in
+91 9899003192

Jayant Singh
jsingh@maxindia.com
+91 9999162213