Leadership Transformation in the Max Group

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 Indias 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 Groups listed holding company Max India
Limited into three separate listed companies to give investors specific and undiluted access to the
Groups 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 Boards of the
demerged Max India and the Groups 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 Groups 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 Groups 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 companys Managing Director. Rajesh will also continue to be Chairman, Max Bupa
and will lead the Groups 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 nonexecutive 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
MVILs 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 1.

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

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Annexure:
Max Group companies architecture
Lists of:
o Key position holders of all Holding and key Operating Companies
o Board Members of all Holding and key Operating Companies

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.
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

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

ANNEXURE
MAX GROUP ARCHITECTURE
MAX GROUP

HOLDING COMPANIES

OPERATING COMPANIES

GROUP CSR ARM

KEY POSITION HOLDERS

MAX GROUP
ANALJIT SINGH
FOUNDER & CHAIRMAN EMERITUS
RAHUL KHOSLA
GROUP PRESIDENT

MAX GROUP HOLDING COMPANIES

MAX FINANCIAL SERVICES

MAX INDIA

MAX VENTURES & INDUSTRIES

ANALJIT SINGH

DR S. S. BAIJAL

ANALJIT SINGH

FOUNDER & CHAIRMAN EMERITUS

MENTOR

CHAIRMAN

NAINA LAL KIDWAI *

ANALJIT SINGH

MOHIT TALWAR

CHAIRMAN

FOUNDER & CHAIRMAN EMERITUS

VICE CHAIRMAN

RAHUL KHOSLA

RAHUL KHOSLA

SAHIL VACHANI

EXECUTIVE PRESIDENT

CHAIRMAN

MANAGING DIRECTOR

MOHIT TALWAR

MOHIT TALWAR

MANAGING DIRECTOR

MANAGING DIRECTOR

* Independent Directors

BOARD MEMBERS
MAX GROUP HOLDING COMPANIES
MAX FINANCIAL SERVICES

MAX INDIA

MAX VENTURES & INDUSTRIES

ANALJIT SINGH
FOUNDER & CHAIRMAN EMERITUS

ANALJIT SINGH
FOUNDER & CHAIRMAN EMERITUS

ANALJIT SINGH
CHAIRMAN

NAINA LAL KIDWAI *

CHAIRMAN

RAHUL KHOSLA
CHAIRMAN

MOHIT TALWAR
VICE CHAIRMAN

MOHIT TALWAR
MANAGING DIRECTOR

MOHIT TALWAR
MANAGING DIRECTOR

SAHIL VACHANI
MANAGING DIRECTOR

ASHWANI WINDLASS

TARA SINGH VACHANI

SANJEEV MEHRA

SANJEEV MEHRA

ASHWANI WINDLASS

SUJATHA RATNAM

AMAN MEHTA *

SANJEEV MEHRA

N C SINGHAL *

RAJESH KHANNA *

N C SINGHAL *

D K MITTAL *

D K MITTAL *

ASHOK KACKER *

ASHOK KACKER *

DIPANKAR GUPTA *

K N MURTHY *
SUBASH BIJLANI *

MAX GROUP OPERATING COMPANIES

MAX LIFE

MAX HEALTHCARE

MAX BUPA

RAHUL KHOSLA CHAIRMAN

RAHUL KHOSLA CHAIRMAN

RAJESH SUD CHAIRMAN

RAJESH SUD EXEC VICE CHAIRMAN & MD

DR. PRADEEP CHOWBEY EXEC VICE CHAIRMAN

ASHISH MEHROTRA MD & CEO

MOHIT TALWAR

RAJIT MEHTA MD & CEO

RAHUL KHOSLA

MARIELLE THERON

MOHIT TALWAR

MOHIT TALWAR

RAJIT MEHTA

DR. AJIT SINGH

MARIELLE THERON

HIDEAKI NOMURA

ANDRE MEYER

DAVID FLETCHER

MASAKA KITAGAWA

JONATHAN LOWICK

EVELYN BOURKE

JOHN POOLE

FRANCOIS THERON

JOHN LORIMER

K.N. MURTHY *

DR. PETER HARPER

PRADEEP PANT *

RAJESH KHANNA *

DR. OMKAR GOSWAMI *

K.N. MURTHY *

D.K. MITTAL *

K.N. MURTHY *
MADHABI PURI BUCH *

MAX SPECIALITY FILMS

ANTARA SENIOR LIVING

MOHIT TALWAR CHAIRMAN

ANALJIT SINGH CHAIRMAN

SAHIL VACHANI

TARA SINGH VACHANI MD & CEO

K.S. RAMSINGHANEY

RAHUL KHOSLA

SUJATHA RATNAM

MOHIT TALWAR

K. N. MURTHY *

ASHWANI WINDLASS

SUBASH BIJLANI *

DR. SHUBNUM SINGH

ASHOK KACKER *

ROHIT KAPOOR

NOTE: THE CEO OF MAX

PRADEEP PANT *

SPECIALITY FILMS IS
JAIDEEP WADHWA

SHARMILA TAGORE *

* Independent Directors