Max New York Life continues high growth Max India Group bolsters Governance Tony Singh appointed as Vice Chairman
Max India Group, India’s leading multi-business corporate, has gone on a Corporate Governance spree, appointing a Vice Chairman and international experts on its various Boards. This move is somewhat unusual for family sponsored companies in India.
Mr. Anuroop (Tony) Singh has been appointed as the Vice Chairman (Non Executive) of Max India Limited. He already has a long-standing association with the Max India Group. He was the CEO & Managing Director of the Group’s Life Insurance subsidiary, Max New York Life (MNYL), leading the Company since its inception in 2000. He launched and established Max New York Life’s pan-India presence and created its reputation for trust, and service excellence. He continues to actively contribute to the sustained growth of MNYL in his capacity as its Vice Chairman.
Mr. Anuroop Singh is a Member of Max India; Max Healthcare and Max Bupa Board of Directors and in his additional role as the Vice Chairman of Max India he will strengthen the Governance and Strategic Planning process and will be involved in people and leadership development. He will also help fortify the relationship of Max India with its JV Partners, New York Life International and Bupa Group.
He is a qualified Chartered Accountant with a vast three decades of experience in the financial services sector. Earlier, he was Country Head – India and Regional Head – Consumer Banking for ANZ Grindlays Bank; Country General Manager for retail banking at Bank of America for five years and worked for fifteen years in various positions with American Express, establishing the Company in several countries in the region.
He is currently a Director on the Board of several corporate entities and philanthropies such as Perot Systems, USA; Development Credit Bank (DCB); SOS Children’s Villages of India and Society for Integrated Development of Himalayas (SIDH).
Mr. Anuroop Singh’s appointment comes shortly after the addition of noted economist, Dr. Omkar Goswami, as a non-executive Director on the Board of MNYL and Dr. Ajit Singh as a non-executive Director on the Board of Group’s Healthcare subsidiary, Max Healthcare. Dr. Ajit Singh is a globally commended expert in the Life Sciences and Business Management space, with 2 published books, numerous refereed articles, and 5 patents to his name. He recently ended his 20 years stint at Siemens, last heading globally the Image & Knowledge Management Business Group of Siemens Healthcare, headquartered in Germany.
Additionally, Ms. Marielle Theron is being appointed as a non-executive Director of Max New York Life. Over the past 20 years, she has gained international repute, advising insurance corporations across Europe, Asia, Australia and New Zealand. In her earlier roles, she has headed Business Development & Strategy, Asia, for Swiss Re Life & Health, a large global re-insurer; was a Life Actuary for Tower Life, New Zealand and Executive Director of Mercer, Singapore. Most recently, she co-founded the company, Erlen Street, in Zurich, Switzerland that specializes in strategic investment and management consulting solutions. She has a hands-on approach to shaping strategy and driving performance in both new and established markets and continues to hold a keen interest in her area of expertise, Actuarial practice.
Max India has also appointed Mr. Tony Coleman as a Business Advisor to provide management and advisory services to the Group. Mr. Coleman is currently the Chairman of the Enterprise & Financial Risks Committee of the International Actuarial Association (IAA); the Australian representative on the International Accountings Standards Board Insurance Working Group and serves on Boards of several acclaimed companies in non-executive Directorship roles. During his career spanning over 30 years, he has worked with Insurance Australia Group Limited, as its Chief Risk Officer & Group Actuary; Price Waterhouse Coopers as Corporate Finance and Valuations Partner. He has also been the President of the Institute of Actuaries of Australia and Chairman of IAAust HIH Royal Commission Taskforce.
In addition to the above, Max India has also retained Management Guru, Prof. Ram Charan, to facilitate the Strategic dimensions at the Group level.
Welcoming the Directors’ appointments, Mr. Analjit Singh, Founder and Chairman of Max India, said, “The Company has always set high standards of honesty, openness and Corporate Governance, and worked towards increasing shareholders’ wealth. I am delighted to welcome these globally feted professionals now associated with the Max India Group of companies. They have an excellent track record in managing large businesses as well as specific domain expertise to offer to the Groups businesses. Our intent is to ensure that we continue to have strong and independent Boards steering Max India Group’s operations.”
Besides Mr. Analjit Singh and Mr. Anuroop Singh, Max India Limited’s existing Board of Directors consists of Dr. S. S. Baijal, Mr. Ashwani Windlass, Mr. N.C. Singhal, Mr. Rajesh Khanna, Mr. N. Rangachary, Mr. Piyush Mankad, Mr. Leo Puri, Mr. S.K. Bijlani and Mr. Aman Mehta.
About Max India Limited
Max India Limited is a multi-business corporate, driven by the spirit of Enterprise and focused on People and Service oriented businesses. It ‘Protects Life’ through its Life Insurance subsidiary Max New York Life, a Joint Venture between Max India and New York Life, a Fortune 100 company; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a subsidiary of Max India Limited; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a Joint Venture between Max India and Bupa Finance Plc., UK which is set to launch after statutory approvals; and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. From its past, Max India continues its interest in Speciality Products manufacture for the packaging industry.
Max India reported a strong consolidated operating revenue growth of 49% at Rs. 3,194 crore for the nine months ended Dec ’08. The Company has already invested about Rs. 1750 crore as on 31st Dec ’08.
Max New York Life (MNYL) is a Joint Venture between Max India Ltd. and New York Life, a Fortune 100 company. MNYL, incorporated in 2000, is one of India’s leading private life insurance companies. The Company offers both individual and group life insurance solutions. It has established a wide distribution network across India. Through its wide network of highly competent life insurance agent advisors and flexible product solutions, MNYL is creating a partnership for life with its customers in India to help them meet their life stage needs.
MNYL is on a significant expansion drive, more than doubling within the calendar year 2008 the strength of Agents and Distribution network to 72,000 agents across 555 offices. The Company had Assets under Management of Rs. 4,827 crore as on 31st Dec ’08.
Max Healthcare (MHC) is the country’s first comprehensive provider of standardized, seamless and world-class healthcare services committed to highest standards of medical and service excellence, patient care, scientific and medical education. It operates 8 centers in Delhi & NCR, offering services in over 30 medical disciplines.
MHC has state-of-the-art tertiary care facilities at Saket in South Delhi, secondary care hospitals at Pitampura, Patparganj, Gurgaon and Noida as well as an outpatient facility, the Max Medcentre and a Speciality centre focused on Eye & Dental care at Panchsheel Park.
The tertiary care hospitals at Saket include Max Devki Devi Heart & Vascular Institute, a Centre of Excellence in cardiac services, and the Max Super Speciality Hospital, a super speciality facility in Orthopaedics & Joint Replacement, Neurosciences, Paediatrics, Obstetrics & Gynaecology, Aesthetic & Reconstructive Plastic Surgery and Internal Medicine. In addition, it has an Institute of Allied Medical Services where it provides General and Laparoscopic surgery, Urology, Eye & ENT, Oncology, Nephrology, Dermatology, Department of Mental Health & Behavioural Sciences amongst others. MHC has collaboration with Singapore General Hospital in the areas of medical practices, nursing, paramedical, research and training.
MHC’s Revenue from network of hospitals for the 9 months ended December 2008 was at Rs. 314 crore, up 15%. It plans to add 7 hospitals over next 3 years nearly tripling its bed capacity to over 1,900 beds involving an additional capital outlay of Rs 1050 crores.
Max Bupa Health Insurance Limited (MBHI) is a Joint Venture between Max India Limited and UK-based Bupa Group, a leading international health and care organization. The Company is headquartered in Delhi and is set to launch its operations in 2009.
Max Neeman Medical International (MNMI) is a Clinical Research services provider offering services across the value chain of new drug development to a growing list of Pharmaceutical, Biotech and Clinical Research clients, in India and abroad. MNMI continues to focus on developing alliances with mid-sized pharma and biotech companies to transition their drug development work to India. It has an employee base of 200 and five Regional offices in India & one business development office in USA.
Max Speciality Products (MSP) specializes in manufacturing of wide range of sophisticated barrier and packaging films. The BOPP division of MSP has an installed capacity of 29,000 tons per annum. MSP’s leather finishing foil business division manufactures a range of leather finishing and laminating foils.
Note: The figures mentioned in the press note are un-audited
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