A legacy of entrepreneurship, successful partnerships and investor returns

MaxVIL, is a proud member of the Max Group family, a Group which has a rich legacy of entrepreneurship and creating immense value for its investors, through a commitment to excellence and by scripting successful joint venture partnerships.


1985: Max India Group, the precursor to today’s Max Group came into existence. It started with the business of drug intermediaries. In collaboration with Toyo Jozo, Japan, it set up a unit for production of Pencillin based high end bulk drug intermediates at Punjab. The facility obtained USFDA certificate. In fact, the first three USFDA approved plants in India were established by the Max Group.

1988: Max India ventured into speciality packaging business with Maxxon. Subsequently, renamed as Max Speciality Films (which is currently a part of the Max Ventures and Industries Limited), Maxxon redefined the industry standards in specaility packaging. It was the first in the industry to get an ISO Certification (Indian quality benchmarks) and its flexible packaging offerings continue to be the choice of top FMCG companies. The same year, Max India diversified into electronics by introducing latest electronic components and plating technologies in India through its partnership with Motorola Inc., Schering AG and Avent Inc.

1993: Max India’s growth and quality orientation attracted Royal Gist Brocades NV. Max GB was formed to make Penicillin based bulk drug intermediaries.

1995: Max India partnered with Hutchison Telecommunications for mobile and paging services. Max Touch started its services in August 1995 in Mumbai and soon became India’s largest cellular network. Max Page also maintained leadership position in its area of operations. The same year, Max India tied up with world’s largest satellite communications service provider, Comsat International, USA to set up Comsat Max to provide a comprehensive set of VSAT services in India.

1996: Max India partnered with Hindustan Antibiotics Limited, a Public Sector Enterprise and Royal Gist Brocades, NV to set up India’s first Public Private MNC Joint Venture — Hindustan Max GB. The company started Asia’s fist Penicillin fermentation facility at Pimpri, near Pune. Max India later forward integrated to formulations business with the formation of Max Pharma — a USFDA approved unit.

2001: Max India reinvented itself in 2001 by shifting its focus from B2B to B2C businesses. It ventured into the ‘businesses of life’ gaining satisfaction from the millions of ‘moments of truth’ that came from fulfilling its customers‘ needs. New initiatives were launched in high touch customer facing businesses - life insurance, healthcare, health insurance, clinical research and senior living.

2016: Group re-structuring and birth of MaxVIL

In 2016, the Max India Group was demerged into three separate entities. The demerger was done to bring greater focus in operations and to unlock shareholder value. Post the demerger the new entities were-

a) Max Financial Services: This includes Group’s flagship life insurance business—Max Life Insurance.

b) Max India Limited: This includes healthcare and allied businesses of the group including Max Healthcare, Max Bupa and Antara Senior Living.

c) Max Ventures and Industries Limited (MaxVIL): MaxVIL, the newest entity, creates four distinct business verticals—Max Speciality Films (manufacturing), Max Estates (real estate), Max Learning (Education), and Max I (a fully owned special purpose vehicle to facilitate intellectual & financial capital to promising and proven early - stage organizations across identified sunrise sectors).

2017: MaxVIL finds partnerships

In January, in a major strategic investment, New York Life Insurance Company, the largest mutual life insurance company in the United States, picks up 22.51 per cent stake for Rs 121 crore in MaxVIL

In April, Max Specialty Films, the flagship manufacturing business of Max Ventures and Industries' (MaxVIL), inducts Toppan Printing Company of Japan as joint venture partner with a 49 per cent stake in the company. In the new venture, Toppan is to be a strategic partner to MSF, lending its expertise in managing a global speciality films business, as well as using its global sales network. In addition, Toppan, which is a large global buyer BOPP products which is MSF's key offering, will also serve as a customer of MSF.

A splendid record of great investment returns
Shareholders, Private Equity Investors or Joint Venture Partners, Max Group has had an impeccable record of providing stupendous returns on investments. To give a few examples—

In 2012, when Warburg Pincus sold its stake in Max, it made 5 times return on its investment.

As a Joint Venture Partner, New York Life invested Rs 505 crore in the period 2001-10. At the time of their exit in 2012, they harvested Rs 1,750 crore.
In the Financial Year 2012-13, Max India announced a dividend of 610% for its shareholders. This was unprecedented, especially in a year, when investment sentiment all across the global economy was at an abysmal low.

In 2014, Life Healthcare increased its stake to 46% putting the Enterprise Value of Max Healthcare Rs 3,650 crore.

A legacy of successful partnerships
Right from its inception, Max India has formed immensely successful joint ventures with some of the best known companies from all over the world. To give some examples of previous associations

Toyo Jozo: In 1985, Max India collaborated with Toyo Jozo of Japan, for production of Penicillin based high end drug intermediaries.

Royal Gist Brocades: In 1995, Max India partnered with Royal Gist Brocades from the Netherlands and Hindustan Antibiotics Limited, a Public Sector Unit, to set up Hindustan Max GB - India’s first Public-Private-MNC Joint Venture.

Motorola Inc., Schering AG and Avnet Inc.: In 1988, Max India brought the latest in electronic components and plating technologies through its partnerships with global leaders Motorola Inc., Schering Inc. and Avnet Inc.

Hutchison Whampoa: In 1993, Max India partnered with Hutchison Telecommunications for mobile and paging services.

Lockheed Martin: In 1995, Max India partnered with Comsat (Lockheed Martin) to start Comsat Max, to provide VSAT services in India.

New York Life: In 2001, Max India partnered with one of America’s largest life insurance players, New York Life Enterprises LLC to set up Max New York Life - one of India’s first private life insurance companies.

MS & AD Insurance Group Holdings (MS & AD), Japan: MS & AD is a global insurance powerhouse headquartered in Japan. Its businesses include Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance. In 2012, New York Life exited its international businesses in Asia and their 26% stake was acquired by MS & AD, in an all cash transaction worth Rs 2731 crore (USD 535 millon), making it the 2nd largest foreign investment in the Indian life insurance sector.

Life Healthcare, South Africa: In 2011, Life Healthcare a South African healthcare major invested Rs 516.5 crore in Max Healthcare (MHC) for a 26% stake, valuing MHC at over Rs 2,300 crores, making it the largest FDI transaction in the Indian healthcare space.

Bupa Finance Plc: In 2010, Max India partnered with UK based Bupa Plc, one of the oldest health insurers in the world to form Max Bupa Health Insurance.

Toppan: In 2017, The $ 6.8 billion Japan-based Toppan Printing Co Ltd acquired 49 pecent stake in Max Speciality Films (MSF), the flagship manufacturing business of Max Ventures and Industries Limited (MaxVIL), for Rs 200 crore. The strategic partnership with Toppan, a multinational corporation with interests in information & communication, living & industry, and electronics, was aimed at strengthening the speciality films business and serve as a testimony of MaxVIL’s commitment to expanding its manufacturing business.