Stock Picks: Max India

Max India is the holding company for Max Healthcare (hospitals), Max Bupa (health insurance) and Antara Senior Living. Max India owns 45.95% stake in Max Healthcare, 51% stake in Max Bupa and 100% stake in Antara.

Max Healthcare:
– 80% of Max India’s total business
– A JV between Max India and South Africa-based Life Healthcare
– One of the largest hospital chain in Delhi
– 2600 beds, 2300 doctors and 3300 nurses across 14 hospitals
– 72% of its revenue come from inpatient services

Max Health Insurance:
– A JV between Max India and UK-based Bupa
– 9000 agents and tie-ups with 3500 quality hospitals across India
– Alliances with institutions such as Bank of Baroda, Bajaj Finserv and Federal Bank
– 1 million retail customers

Management:
– Mr. Analjit Singh is the founder of Max Group. He provides guidance and vision to the group
– Mr. Ram Charan, Global Advisor to CEOs, is key to its operations and people
– Mr. Rahul Khosla, Chairman of Max India, has over 30 years of industry experience
– Under Mr. Rahul, Max India is transitioning to a professionally-managed business
– Prior to Max, Mr. Rahul was the Group Head of Products for Visa across Asia Pacific, Central Europe, Middle East and Africa
– Prior to Visa, Mr. Rahul was the Country Head of consumer banking for ANZ Grindlays in India
– Mr. Mohit Talwar, MD of Max India, has over 30 years of industry experience
– Prior to Max, Mr. Mohit spent 24 years in wholesale banking in Standard Chartered and ANZ Grindlays
– Mr. Rishi Raj, Director of Strategy, has 17 years of experience with McKinsey & Co
– Able and honest management

Investors:
– Promoters hold 40.4% of the company
– Goldman Sachs hold 15.3% of the company
– IFC holds 3.1% of the company
– Reliance Mutual Fund holds 3.2% of the company
– Govt. of Singapore holds 1.3% of the company

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