Max India concluded a mega corporate restructuring demerging into 3 holding companies – Max Financial Services Limited (Life Insurance), Max India Limited (Healthcare & Allied businesses) and Max Ventures and Industries Limited (Manufacturing Industries and New Entrepreneurial Ventures).
Bupa Finance Plc increases its stake in Max Bupa to 49%.
Max Healthcare acquired a 51% stake in 230-bedded Saket City Hospital Pvt. Ltd.(SCH), from Smart Health City Pte Ltd, the Singapore based BK Modi Group company. Max Healthcare plans to further expand the SCH facility by ~900 additional beds over the next few years, thereby expanding SCH’s capacity to 1200 beds, and offering a combined capacity of almost 2000 beds in the heart of South Delhi. This addition represents more than a 50% increase to Max Healthcare’s current capacity, significantly enhances access to quality healthcare in the NCR region, and will make Max Healthcare the largest healthcare provider brand in New Delhi .
Max India divested from Max Neeman the Group’s its clinical research business. The business was acquired by JSS Medical Research, a Canada based CRO specialized in providing clinical trial, health economics & outcomes research, post-marketing trial and market access solutions.
Life Healthcare equalized stake in Max Healthcare with Max India, at an Enterprise Value of Rs 3650 Crore; IFC Washington maintained their stake at 7.5%.
Mr. Analjit Singh gave up his executive role and became the Non-Executive Chairman of Max India, handing over all executive functions to his successor Rahul Khosla.
Subsidiarisation of Max Speciality Films (MSF): MSF a division of Max India, became a subsidiary of Max India on April 1, 2014.
Mitsui Sumitomo, a part of the World’s 7th largest general insurance & Japan’s largest insurance group, MS&AD, acquired 26% stake in Max Life (then Max New York Life) from New York Life, valuing the Company at Rs. 10,500 crore.
Life Healthcare, South Africa’s USD 2bn healthcare major, acquired 26% stake in Max Healthcare for Rs. 516.5 crore.
Rahul Khosla, a seasoned global business leader with deep management experience, joined Max India as its Managing Director.
Max Specialty Films doubled its capacity to 52,000 TPA.
Max Healthcare significantly expanded capacity of its hospital network, with commissioning of a state of the art super specialty hospital at Shalimar Bagh, Delhi and two super specialty hospitals in Mohali and Bathinda, Punjab (setup under PPP model in partnership with Government of Punjab).
Mr. Analjit Singh, Chairman, Max India was awarded one of India’s highest civilian honors, the Padma Bhushan, by the President of India. It recognized Mr. Singh’s contribution towards building India Inc.
Max Group crossed a customer base of 4 million.
Max Healthcare crossed 1000 beds installed capacity. The company launched India’s first Gold LEED rated hospital, with start of tertiary care operations at Max Super Speciality Hospital, Patparganj.
Max Bupa Health Insurance started operations, becoming the third standalone health insurer in India. The company offered health insurance for the entire family, irrespective of members’ age, and set up an in-house customer service team to ensure outstanding customer service.
Goldman Sachs invested $115 million in Max India, by way of fully and compulsorily convertible debentures (FCDs), to fund Max India’s expanding insurance, healthcare and specialty plastics businesses.
Max Group’s Specialty packaging business, Max Specialty Products, rechristened as Max Specialty Films.
Max achieved group revenue of US$ 1 billion.
Focus on Governance: Max kicked off initiative to setup empowered boards to drive the Group’s future growth. Globally renowned domain experts were inducted into Max India’s Board and Boards of the major subsidiaries.
Group’s clinical research company, Neeman Medical International, rechristened as Max Neeman Medical International.
Max India Foundation (MIF) set-up: Max formalized its social commitment with the establishment of the Group’s CSR division. MIF mandated to focus on child health, support for the underprivileged and environment awareness.
Max Bupa Health Insurance set up: Max entered into a Joint Venture with Bupa Finance Plc, UK, a leading international healthcare provider, with 65 years of healthcare knowledge. Max Bupa combined Bupa’s global health insurance and customer service expertise with Max Group’s understanding and experience in health and insurance sectors in India.
Initiated reinvention of Max, from being a B2B manufacturing conglomerate to a B2C services company, with entry into people-oriented and knowledge-based businesses: Healthcare (Max Healthcare), Life Insurance (Max New York Life Insurance), IT/IT-enabled services (Max HealthScribe), Clinical Studies (Neeman Medical International)
MSP expanded operation. Started Line II at its plant in Railmajara, Punjab