New Delhi [India], November 10 (ANI/NewsVoir): Max Group, India's leading multi-business conglomerate, today announced that Mohit Talwar, Managing Director of Max Financial Services Limited - one of the three holding companies of the group - will continue with his role for another year till January 15, 2023.
Talwar will provide continuity to the key initiatives that are currently underway. He will also remain on the Board of Max Life and Max India, as a Non-Executive Director.
Talwar stepped down from his role as Vice-Chairman, Max Group and Managing Director, Max India - the Group's holding company for its senior care business - effective January 15, 2021. He also stepped off the Boards of Max Ventures & Industries and Antara.
During his tenure, Talwar has led multiple fronts such as effective alignment with Max Group's valued joint venture partners, progressing new business opportunities organically and inorganically, optimizing capital management & treasury, and managing investors. He was instrumental in structuring the Axis transaction that led to significant value creation for all shareholders. Under his aegis, MFSL's market cap increased 4x over the last 5 years.
Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance industry and has also ventured into high-potential sectors of Senior Care and Real Estate. The Group recorded consolidated revenues of ~Rs. 32,608 Cr. in FY2021. It has a total customer base of 4.6 million, around 400 offices spread across India and an employee strength of around 16,000 as on 31st March 2021.
Currently, the Group comprises three holding companies - Max Financial Services Limited, Max India Limited and Max Ventures & Industries - all of which are listed on the Indian stock exchanges.
The Group's investor base includes marquee global financial institutions such as Mitsui Sumitomo, New York Life, IFC Washington, Ward Ferry, Baron, Vanguard, GIC, Nomura, Norway Government Pension Fund, Blackrock, First Voyager, Eastspring, Jupiter, Well Fargo, Manulife, Stichting Depositary, Kuwait Investment Authority and Harding Loevner.
Max Group is renowned for its service excellence and has held successful joint ventures with some of the world's pre-eminent firms, including US-based New York Life, Japanese firm Toppan. In April this year, Axis Bank, India's third-largest private sector bank, together with its subsidiaries Axis Capital Limited and Axis Securities Limited (collectively referred to as "Axis Entities") became the co-promoters of Max Life. This was after completion of the acquisition of 12.99% stake collectively by the Axis Entities in Max Life: India's fourth-largest private life insurance firm.
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