The Max India Group, one of India’s leading multi-business conglomerates, had interests in life insurance, healthcare, health insurance, senior living, and specialty films (see Exhibit 1). The Group had earnings of $2.5 billion (in US dollars) in fiscal year 2015. The foundations for Max India as a group holding company were established in 1984 at Railmajra, Punjab, by the founder Analjit Singh, then a budding entrepreneur. In the nearly three decades since its inception, Max India had continued to grow and it evolved from a pure manufacturing company to a ₹140 billion (USD 1.95 billion) conglomerate operating in ‘businesses of life’, with a Pan-India presence. The investors in the Group businesses included names such as Goldman Sachs, International Finance Corporation, (IFC), and Temasek Holdings... |
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