Max Group reshuffles top management after demerger1 min read . Updated: 16 Jan 2016, 02:06 AM IST
Group founder Analjit Singh will now be chairman-emeritus and Rahul Khosla, managing director of Max India, has been elevated as group president
New Delhi: The New Delhi-based Max Group, which has interests in healthcare and insurance, on Friday announced a management reshuffle following a move to spin itself off into three entities.
Group founder Analjit Singh will now be chairman-emeritus and Rahul Khosla, managing director of Max India, has been elevated as group president, the highest executive position.
On 24 December, the group said that it had received the Punjab and Haryana high court’s approval to divide itself into three entities by January.
Shareholders of Max India had approved the proposal on 4 July with 99.9% voting in favour of the move, which will unlock value and provide undiluted access to the company’s businesses, the firm said.
Max India will be renamed Max Financial Services Ltd, which will run the group’s flagship life insurance business.
Taurus Ventures Ltd will be renamed Max India Ltd, which will manage investments in the high-potential healthcare and allied businesses, the firm said. It will have three subsidiaries—Max Healthcare, Max Bupa and Antara Senior Living.
Capricorn Ventures Ltd will be renamed Max Ventures and Industries Ltd (MVIL). It will manage investment in the group’s manufacturing subsidiary, Max Speciality Films—a packaging films business. In addition, it will also explore fresh ideas for new ventures in the “wider world of business", the company said.
The demerged Max Financial Services Ltd’s stock will start trading on BSE Ltd as well as NSE in a week from the effective date and the two additional firm are expected to list in about 45 days from that day.
Singh will remain chairman of Max Ventures and Industries as well as Antara Senior Living.
“As founder and chairman Emeritus...(he) will also leverage his entrepreneurial skills and experience in incubating new businesses in MVIL and nurturing Antara to maturity," the company said in a statement.
Khosla will assume various roles within group companies—as executive president of Max Financial Services; chairman of Max India, chairman of Max Life Insurance, and chairman of Max Healthcare.
Mohit Talwar, who was deputy managing director of Max India, has been promoted as managing director of Max Financial Services and Max India. In addition, Talwar will also become vice-chairman of MVIL. Naina Lal Kidwai joins the group as chairperson of Max Financial Services.