MAY 2017 FORBES ASIA | 31Max Group was restructured into three listed entities in
January 2016 to unlock the value in diverse businesses.
Max Financial Services, with $1.76 billion in revenues,
contains the life insurance business that’s now looking to
merge with HDFC Life to form the largest private insurer in
the country.
The $185 million
(revenues) Max India is
the second entity, with
interests in hospitals,
health insurance and An-
tara Senior Living. With 14
hospitals and 2, 300 beds,
it’s rapidly expanding.
The third entity, $107
million (revenues) Max
Ventures & Industries, has
added real estate, educa-
tion (K-12 schools) and in-
vestments to Max’s legacy
manufacturing.
The restructuring
brought founder Analjit
Singh, 63, to the Forbes
Billionaires list, but he has
relinquished most board
involvement, remaining
today only as nonexec utive
chairman for the units—
Antara and Max Ventures—
where daughter Tara and
son-in-law Sahil Vachani
are in management.
Since 2011, the entire
group has been under
Rahul Khosla, 57, a former
international executive
for financial giant Visa. As
president he’s the senior-
most executive and board
chairman of key group
companies. “Analjit’s been
incredibly generous,” says
Khosla, who’s become a
close confidant. “There’s
nothing that he knows
about that I don’t know.”
Singh has helped build
strong boards for the
group companies, includ-ing the likes of Naina Lal Kidwai, who used to chair HSBSC
in India, and Arthur Seter, a high-ranking exec from New
York Life. “He wants the group to run independent of him,”
says Ram Charan, business advisor and author, who has
known Singh for four decades since teaching him at Boston
University. “He has made everything transparent.” —A.R.MANAGING DAD’S DOMAIN
Max Group founder Analjit Singh, now a member of the Forbes billionaires list.