Max India Concludes 3 Way Demerger to Unlock Value

15th January, 2016, New Delhi

Max India Limited, one of Indias 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
Groups 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

Page 1 of 3

(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 Indias 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 Groups 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 Groups
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, Indias 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 Indias first listed company focused exclusively on
life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japanheadquartered 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.
Page 2 of 3

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 Groups 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.

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

Page 3 of 3