Rajit Mehta Appointed as MD & CEO of Antara; To Oversee New Business Initiatives at Max India Tara Singh Vachani to Become Executive Chairman of Antara

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The Board of Antara Senior Living, India’s premier senior living company, today announced the appointment of Rajit Mehta to the position of Managing Director & CEO of Antara Senior Living. Rajit was the MD & CEO of Max Healthcare till recently. He will also take on a Group level position overseeing Max India’s New Growth Initiatives as well as Max Group’s Human Capital function as an Advisor.

7th August 2019, New Delhi

Antara’s Board also approved the ascension of Tara Singh Vachani, the Company’s current executive leader and MD, to the position of Executive Chairman. As MD & CEO of Antara Senior Living, Rajit will spearhead Antara 2.0 – a rejuvenation strategy, which aims to take the organization to a new scale of growth and operations. In this role, he will report to Tara, who has passionately nurtured Antara since it was just a nascent idea, into India’s premier senior living organization today with a mindful culture and a highly talented team.image2

Rajit’s primary focus will be on Antara’s operations and future growth. Additionally, given his diverse professional experience, Rajit will provide leadership and oversight to new business initiatives and Organizational & Human Capital matters across the Max Group. For his Group responsibilities he will be reporting to Analjit Singh, Founder & Chairman, Max Group and Mohit Talwar, Vice Chairman, Max Group.

P Dwarakanath, a widely respected professional, who has been leading the Group’s Human Capital function since the last 12 years, has expressed his desire to demit office in Dec 2019 and will gradually transition his responsibilities to Rajit.

Rajit will continue on the Boards of Max Life and Max Skill First as a non-executive Director and will be a special invitee to the Max India Board.

This new work portfolio marks yet another reinvention for Rajit, who has worn several hats during his time as a Max Leader. He was a founder member of Max Life and was instrumental in helping the company become an admired, profitable and well-run organization. During his tenure at Max Life, he excelled in several roles from Executive Director, Human Resources to Chief Operating Officer and took on additional responsibilities as the Chief Transformation Officer providing oversight to an aspirational change agenda which resulted in significant revamp of the operating model and enhanced value creation.

Rajit shifted to Max Healthcare five years ago at a time when the organization was on the threshold of a makeover. Since then, he has admirably led MHC’s transformation through a 5C framework comprising Care, Clinical Excellence, Cohesion, Commitment and Compliance. He has progressed Max Healthcare into a highly talented & patient centric organization, with significantly enhanced clinician strength. He also supported and integrated two major acquisitions and seeded several alternate business models. Under his leadership, the Max Healthcare brand has flourished and has delivered healthy growth in revenue and profitability.

Rajit will assume his new office and responsibilities effective immediately.

About Antara Senior Living

Launched in 2013, Antara Senior Living is a 100% subsidiary of Max India. It is pioneering the concept of ‘Age in Place’ for people over 55 years of age, by developing Senior Living communities in India. The first Antara community was launched in April 2017 near Dehradun, Uttarakhand with 190 apartments spread over 14 acres of land. The company has now sold more than 50% of its units in the community. Since inception, Antara has generated collections of Rs. 290 Cr.

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Healthcare and Health Insurance industry. It has recently ventured into high potential sectors – Senior Living and Real Estate. In FY2019, the Group recorded consolidated revenue of Rs. 22,150 Cr. It has a total customer base of 11 million, over 350 offices spread across India and employee strength of more than 27,500 as on 31st March 2019. The Group’s investor base includes marquee global financial institutions such as New York Life, KKR, IFC Washington, Vanguard, Ward Ferry, New York Life, Briarwood Capital, Nomura, Aberdeen, First State Investments, First Voyager, Eastspring, Target Asset Management, Baron, Jupiter and Doric Capital.

About Max India

Max India, the holding company of Max Bupa Health Insurance and Antara Senior Living, is focused on health and allied businesses. Max Bupa Health Insurance is a joint venture with global leader Bupa Finance Plc. (UK), and has a well-entrenched position in its category and are recognized for their outstanding service standards. Max India owns a 100% stake in Antara Senior Living, India’s premiere senior living organization. Max India is listed on both the Bombay Stock Exchange as well as the National Stock Exchange. For more details, visit www.maxindia.com

For information please contact:

Max Group

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Vaishali Gauba
vgauba@maxindia.com
+91 9873140991

Antara Senior Living

Neha Chadha
neha.chadha@antaraseniorliving.com
+91 9810627134

  • Radiant’s promoter Abhay Soi appointed Chairman of Max Healthcare
  • Max India promoters receive an advance of INR 361 crore from KKR for a 4.99% stake in merged entity; funds have been used for deleveraging

21st June 2019, New Delhi

Radiant Life Care Private Limited (“Radiant”), a leading Indian hospital management company promoted by Abhay Soi and backed by KKR, has completed the previously announced acquisition of a 49.7% stake in Max Healthcare Institute Limited (“Max Healthcare” or “MHC”) from South Africa-based hospital operator Life Healthcare. Abhay Soi will now lead Max Healthcare as Chairman of its Board and Executive Council.

Radiant’s stake acquisition is one of several steps that will eventually result in Mr. Soi and KKR together acquiring a controlling stake in Max Healthcare by combining the health care assets of Max Healthcare, Max India Limited (“Max India”), and Radiant to create the largest hospital network in North India.

As part of the transaction, Max India’s promoters have received an advance of INR361 crore (US$52.2 million) from KKR in exchange for a 4.99% stake in the merged entity. Max India’s promoters have used the funds for deleveraging purposes.

Analjit Singh, Founder & Chairman of Max Group, said, “Max Healthcare and Radiant possess complementary sets of capabilities in running healthcare establishments and KKR brings with it extensive global experience in healthcare investments and capabilities in prudent financial management. Radiant-KKR are the best suited partners to further the culture of clinical and service excellence that Max Healthcare has become known for. The merger and the future planned expansion will provide the scale that MHC needs for profitable growth at a time when healthcare margins are being tested. I also want to thank our outgoing JV partner Life Healthcare for being supportive participants in MHC’s growth and progress.”

Mohit Talwar, Vice Chairman of Max Group, said, “The combination of Max Healthcare-Radiant will give shareholders the opportunity to benefit from the performance of the third largest hospital chain in a rapidly growing Indian healthcare market. It will also allow Max India to focus on enhancing shareholder value creation by growing our other businesses and seeding new ones.”

Abhay Soi, Chairman Radiant Life Care and Max Healthcare, said, “I am happy to have been able to complete the acquisition of Life’s stake in Max Healthcare as a first step towards integration of the two companies, and fortunate to have a PE firm such as KKR backing us in our journey. We believe we have all the wherewithal to grow our business organically and inorganically during this challenging phase for the healthcare sector. Our interests are also very aligned with our Prime Minister’s vision of strengthening brand India globally by focusing on the 5 T’s of tourism, tradition, technology, trade and talent”.

Sanjay Nayar, Member & CEO of KKR India, added, “We are excited about building Max Healthcare into an outstanding company governed by world-class board members and standing for the highest standards of clinical outcomes.”

Radiant funded this acquisition with an investment from KKR’s Asian Fund III.

The process of combining Radiant Life Care and Max Healthcare and the eventual listing of Max Healthcare is underway, and is likely to be completed in 6 to 8 months, subject to receipt of the requisite approvals.

About Radiant Life Care

Radiant is promoted by Abhay Soi and is in the business of developing/redeveloping hospitals to provide high end quaternary care. Presently, Radiant has two iconic facilities in its portfolio namely: BLK Super Specialty Hospital, Delhi and Nanavati Super Specialty Hospital, Mumbai.

Radiant forayed into healthcare in 2010 with the re-development and commissioning of BLK, a 650-bed hospital, one of the largest private sector hospitals in Delhi and NCR. Besides this flagship hospital, Radiant collaborated with the Nanavati Hospital Trust in 2014 to take over the operations of Nanavati, a 350-bed multi-specialty hospital. Over the next four years, Radiant plans to transform Nanavati into a 900-bed state-of-the-art quaternary care institute and expand BLK by another 200 beds. For additional information, visit the company’s website at www.radiantlifecare.com

About Max Healthcare:

Max Healthcare (MHC) 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 has 14 facilities in North India, offering services in over 30 medical disciplines. Of this, 11 facilities are located in Delhi & NCR and the others in Mohali, Bathinda and Dehradun. The Max network includes state-of-the-art tertiary care hospitals in Saket, Patparganj, Vaishali, Shalimar Bagh, Mohali, Bathinda and Dehradun, secondary care hospitals at Gurgaon, Pitampura, Noida & Greater Noida and an out-patient facility and speciality centre at Panchsheel Park. The Super Speciality Hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab.

Max Healthcare has a base of over 3,000 doctors, 10,000 employees and over 2.2 million patients from over 80 countries, across its network of 14 hospitals. For additional information, visit the company’s website at www.maxhealthcare.in

About Max India:

Max India, the holding company of Max Bupa Health Insurance and Antara Senior Living and equal joint venture partner in Max Healthcare, is focused on health and allied businesses. Max Bupa Health Insurance is a joint venture with global leader, Bupa Finance Plc. (UK). 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 49.70% 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 additional information, visit the company’s website at www.maxindia.com

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Media:

Max India Limited
Nitin Thakur
+91 9873347428
nthakur@maxindia.com

Text 100 (For Max India and Max Healthcare)
Ambika Gondane
+91 9711764188
Ambika.Gondane@text100.co.in

Radiant Life Care Private Limited
Parul Chhabra
+91 9810855410
Parul.Chhabra@radiantlifecare.com

Impact PR (for Radiant Lifecare)
Kulpreet Freddy Vesuna
+91 9811132212
kulpreet@impactpr.in

KKR Asia Pacific
Anita Davis
+852 3602 7335
Anita.Davis@kkr.com

Edelman (for KKR India)
Siddharth Panicker
+91 9820857522
Siddharth.Panicker@edelman.com

  • Likely to enter businesses with adjacencies to current group businesses of life insurance, real estate, senior care, hospitality
  • Part of divestment proceeds proposed to be offered to public shareholders
  • Analjit Singh back in the role of Chairman of Max India

29 April 2019, New Delhi

Max India Ltd, one of India’s leading multi-business corporates, announced its intent to enter new areas of business after the two recently announced transactions are concluded. Max India is currently in the midst of selling 51% stake in its Health Insurance JV Max Bupa, to leading private equity firm True North. The process is expected to conclude in six months. The company has also undertaken a transaction which will result in its demerger into two listed entities. The first entity, created from a merger of Max Healthcare with the KKR backed hospital operator Radiant Life Care, will be India’s third largest corporate hospital chain with over 3200 beds & 16 hospitals and will be automatically listed on the Indian stock exchanges.

Max India’s other demerged entity, which has currently been named as Advaita, will own the Group’s Senior Living business – Antara Senior Living. It will also manage a corpus of over Rs 500 crore received from the divestment of Max Bupa.

Max Group’s sponsor Analjit Singh, who has increased his involvement in Max India by taking on the mantle of Chairman, is looking to start afresh in Advaita by venturing into 1-2 new business areas, which will have adjacencies to the Group’s latest focus areas of Life Insurance, Real Estate, Senior Care and Lifestyle. Besides being utilized for seeding new businesses, Advaita proposes to utilize its cash reserves to also offer an exit opportunity through a Capital Reduction process, subject to regulatory approvals, to shareholders who may not be keen on investing in unchartered areas. This will allow such shareholders access to proportionate proceeds from Max Bupa divestment and encash their shareholding.

Explaining his future plans for Max India, Analjit Singh, Founder & Chairman, Max Group, said, “Our aim is to recreate the Max India story all over again by seeding high potential businesses and doing them the Max way, which will likely create significant value for those who stay invested with us. I remain committed to grow Max India and retain my shares in the company.”

Elaborating on the companies track record in creating value from new business areas, Mohit Talwar, Vice Chairman, Max Group and MD, Max India, said “Our choice of businesses and smart capital management has resulted in a 23% IRR for Max India investors since we went public. This, even when our stock prices are unusually depressed currently. The business portfolio rebalancing will provide fresh impetus to this growth and returns.”

The new businesses will be decided within the next year, which is the anticipated timeframe for the demerger and listing of New Max India, currently being called Advaita Allied Health Services Limited.

About Max India

Max India, the holding company of Max Bupa Health Insurance and Antara Senior Living and equal joint venture partner in Max Healthcare, 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 49.7% 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 more details, visit www.maxindia.com

For media queries, please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Vaishali Gauba
vgauba@maxindia.com
+91 9873140991

True North to acquire controlling stake in Max Bupa Health Insurance from Max India
All cash transaction, values Max Bupa at Rs 1,001 Cr.
JV partner Bupa remains fully committed to the business

26th February 2019, New Delhi

The Board of Max India, today, approved the sale of its 51% stake in Max Bupa Health Insurance Company (Max Bupa), to the leading Private Equity firm True North. The all cash transaction values Max Bupa at an enterprise value of Rs 1,001 crore and is subject to requisite regulatory approvals. Bupa, the existing joint venture partner in Max Bupa, remains committed to the joint venture and will continue to play an active role in the company as before through its Board positions and knowledge exchange initiatives.

At the conclusion of the transaction, True North will nominate directors on Max Bupa’s Board, while Max India’s nominated directors will step down. The use of the Max brand will be phased out over a period of two years and replaced with a suitable name. The Bupa brand name will continue as before.

True North (formerly known as India Value Fund Advisors) is an active investor in Indian assets. It has built deep knowledge and skills in the Indian market, investing in more than 40 Indian businesses over the last 19 years through its 6 investment funds with a combined corpus of over US$ 2.8 billion. Over the years, True North has made productive investments across the financial services and healthcare sector, to the tune of Rs 5,700 crore.

The transaction will lead to a cash inflow of Rs 511 crore for Max India. The company intends to utilize the proceeds to invest in both existing and new business opportunities which are currently under evaluation.

Commenting on the transaction, Analjit Singh, Founder & Chairman, Max Group, said, “We are rebalancing our portfolio of businesses with a much sharper focus on growing shareholder value, and this transaction is a step towards that journey. We are proud of the high quality organization we have created in Max Bupa, with its innovative product portfolio, balanced channel mix and its customer first orientation. We are sure that Max Bupa will continue its excellent performance under its new shareholders, ably supported by the founding JV partner Bupa.”

Mohit Talwar, Vice Chairman Designate, Max Group, added, “Our selection criteria for the potential investor in Max Bupa was based on a shared vision for the company, alignment with our JV partner Bupa, and a commitment to invest in the long term growth of the company. In this context, we are fortunate to handover our controlling stake in the company to True North.”

Speaking about this investment, Divya Sehgal, Partner, True North said, “As the health insurance sector grows in India, True North is looking to build the most trusted brand in health insurance in the country. We believe Max Bupa is one of the best positioned brands and businesses in the sector. The Max Group and Bupa have immensely contributed to the journey of Max Bupa and we look forward to building on the same in partnership with Bupa. Our priority is to work seamlessly with both teams at Max and Bupa through this transition towards the benefit of Max Bupa’s customers, employees and stakeholders.”

Stating its commitment to the Joint Venture, Simeon Preston, CEO, International Markets, Bupa, said, “Bupa is committed to the Indian health insurance market and sees exciting opportunities for growth over the coming years. We look forward to working with our new partner True North to grow the Max Bupa business.”

KPMG Corporate Finance acted as lead financial advisor to Max India in this bilateral transaction with True North. AZB & Partners and Khaitan & Co. acted as legal advisors to Max India and True North respectively.

The transaction is subject to execution of definitive agreements and approval from shareholders of Max India apart from regulatory bodies and is expected to be completed within FY 2020. The process of conclusion of Max Bupa’s divestment will run in parallel and independent of the recently announced composite transaction involving demerger of Max India and the merger of Max Healthcare with Radiant-KKR.

About Max Bupa

Max Bupa, the fourth largest standalone health insurance provider in India, is a 51:49 joint venture between Max India Limited, a multi-business corporate in the business of life and care and the Bupa Group, a leading international healthcare company with a legacy of providing specialized healthcare services for over 60 years. In FY2018, the company outpaced the industry with a 27% increase in GWP, as against 22% sectoral GWP growth. Focusing primarily on the Business to Customer segment, the company is an innovation leader with many firsts to its credit, including its recently launched digitally enabled comprehensive wellness cum health insurance product GoActive. It markets its policies through a balanced distribution mix of over 26,500 Agents, 10 Bancassurance & Alliance Partners and through online sales. Max Bupa operates in the high potential retail health insurance space which is expected to grow to INR 630 billion by 2025, growing at a CAGR of 22%. For more details please visit https://www.maxbupa.com/

About True North

True North (formerly known as India Value Fund Advisors – IVFA) was established in 1999 with a focus on investing in and transforming mid-sized profitable businesses into world-class industry leaders, built on the strong foundation of True North Values which are embodied within the principles of ‘The Right Way’. True North has built deep knowledge and skills in the Indian markets and has successfully launched six separate investment funds with a combined corpus of over US$ 2.8 billion including co-investments. True North’s insights and understanding of India has been sharpened over the last 19 years by investing in more than 40 Indian businesses. It has successfully guided these companies in making the transition into well-established and large businesses that are valuable, enduring and socially responsible.

The True North team has been structured with a balanced mix of 7 Investment and 18 Business Managers, who bring with them several hundred man-years of industry experience to achieve the above objective. For more details, visit: www.truenorthco.in

About Max India
Max India, the holding company of Max Bupa Health Insurance and Antara Senior Living and equal joint venture partner in Max Healthcare, 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 49.7% 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 more details, visit www.maxindia.com

About Bupa

Bupa’s purpose is helping people live longer, healthier, happier lives.

With no shareholders, our customers are our focus. We reinvest profits into providing more and better healthcare for the benefit of current and future customers.

We serve 15.5m health insurance customers, provide healthcare to over 14.5m people in our clinics and hospitals and look after over 22,000 aged care residents.

We directly employ over 78,000 people, principally in the UK, Australia, Spain, Poland, Chile, New Zealand, Hong Kong, the USA, Brazil, the Middle East and Ireland. We also have associate businesses in Saudi Arabia and India.

Health insurance accounts for the majority of our business. In some markets we also operate clinics, dental centres, hospitals, and care homes and villages.

For more information, visit www.bupa.com

Press Contacts:

True North:

Ishita Mookherjee
imookherjee@truenorth.co.in
+91 9819838566

Max India:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Vaishali Gauba
vgauba@maxindia.com
+91 9873140991

Bupa:

Fran Chambers
fran.chambers@bupa.com

Analjit Singh to become Chairman of Max Life and Max India
Mohit Talwar to become Group Vice Chairman

11th February 2019, New Delhi

India’s leading multi-business conglomerate, the Max Group, today announced that Rahul Khosla, currently Group President, will move to a non-executive role as Group Advisor effective 1 April, 2019. The move is in line with the transition plan announced last year.

As a part of the transition, Analjit Singh will take on the position of Chairman of Max India and Max Life currently held by Rahul. Rahul will also demit his role as Chairman, Max Healthcare once regulatory approvals for the transaction with KKR-Radiant are received. This position will then be filled by KKR Radiant.

Commenting on Rahul’s contribution, Analjit Singh, Founder and Chairman Emeritus, Max Group, said, “Rahul joined the Max Group in August 2011, which was at the cusp of my shift to a nonexecutive role and allowed me to pursue other initiatives. That journey could not have been possible without Rahul taking on the mantle of Managing Director and subsequently as Group President.
Together, Rahul and the team have implemented what ought to be seen as a ‘benchmark’ of succession from sponsor to seasoned professionals leading the Group in various businesses.

During his tenure, Rahul successfully delivered on the agenda of value creation and growth of our Group’s businesses, while strengthening our organization, brand, governance and reputation. I count on his continued support as an advisor to the Group for the new developments on the horizon.”

Further, Mohit Talwar, who has been with the Group since November 2007, will be elevated to the position of Group Vice Chairman, effective 1 April, 2019. In this capacity, Mohit will represent the Group on the Founders behalf and support the respective CEO’s in their operating businesses.

“Mohit has made significant contribution, especially in the areas of capital management and corporate finance over the years and his support will be valuable as the Group forges its platforms of future growth including Life Insurance, Real Estate, Senior Living and Hospitality,” said Analjit Singh.

Mohit will also continue to serve as the Managing Director of Max Financial Services and Max India and remain on the Boards of Max Group’s operating companies.

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance and, Health & Allied businesses and packaging sectors. In FY2018, the Group recorded consolidated revenues of Rs. 19,151 Cr. It has a total customer base of 11 million, over 300 offices spread across India and people strength of more than 25,000 as on 31st December 2018. The Group’s investor base includes marquee global financial institutions such as KKR, IFC Washington, Vanguard, Ward Ferry, New York Life, Nomura, Aberdeen, First State Investments, First Voyager, Eastspring, Target Asset Management, Baron, Jupiter, Doric capital and Wasatch.

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

Press Contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428

Vaishali Gauba
vgauba@maxindia.com
+91 9873140991