Mohit Talwar to continue as MD, Max Financial Services for another year
Tara Singh Vachani to transition to Vice Chairperson role effective today
Rajit Mehta’s role as MD, Max India to be effective Jan.15, 2021
India’s leading multi-business conglomerate Max Group announced today that its Vice Chairman Mohit Talwar, who is approaching retirement age, will relinquish his role as Vice Chairman, Max Group and Managing Director, Max India – the Group’s holding company for its senior care business – effective January 15th, 2021. He will also step off the Boards of Max Ventures & Industries and Antara during first quarter of calendar year 2021.
Mohit Talwar will continue, however, as the Managing Director of Max Financial Services Limited (MFSL), the listed parent company of Max Life, for another year, to 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.
During his tenure, Mohit has led multiple fronts such as effective alignment with Max Group’s valued joint venture partners; progressing new business opportunities organically and inorganically; optimising capital management & treasury, and managing investors. He has successfully leveraged his strong relationships with institutional investors, hedge funds, banks, and private equity firms to play a central role in planning and has been the key person for complex corporate transactions across the Group. To accomplish all this, he brought to bear his wealth of experience in Corporate Finance and Investment Banking from his 24 years in Wholesale Banking with Standard Chartered, ANZ Grindlays and Bank of Nova Scotia.
Tara Singh Vachani, Executive Chairperson, Antara will be elevated to the position of Vice Chairperson, Max India effective today, while Rajit Mehta, CEO & MD, Antara, will be taking on the responsibility of Managing Director, Max India, from January 15th, 2021. They both will also continue to manage their existing roles and responsibilities.
Tara has played an instrumental role in charting the future of the Group, by foraying into the high-potential sunrise senior living sector over a decade ago. She started with developing and operating Antara’s first community in Dehradun and now as its Executive Chairperson, has been steering the company’s transformation into a platform providing multiple senior care services and solutions. During her professional career, Tara’s compassionate leadership has won her many recognitions. The recent ones include her being named one of World Economic Forum’s Young Global Leaders and the Economic Times 40 under 40 leaders in 2019.
Rajit has been a Founder member of Max Life and eventually its Chief Operating Officer. He was instrumental in helping the company become the largest non-bank owned private life insurer in India. He also led Max Healthcare (MHC) to scale and profitability as its MD & CEO for 5 years. He also supported and integrated two major acquisitions at MHC and seeded several alternate business models.
Analjit Singh, Chairman, Max Group, said, “One of the defining characteristics of long-enduring organizations is how they manage both continuity and transition of top leadership. This factor has played a central role in Max Group’s longevity spanning over three decades. Our top leaders have enjoyed long tenures at the Group and have grown professionally through the years as the Group progressed and expanded.
With 13 years at the Max Group, of which the last 8 years have been in the managing directorship position, Mohit epitomizes this complementary evolution of both the organization and its leader. His intent of handing over his responsibility in a phased manner is driven by his desire to ensure a seamless transition in the Group to which he has given so much of his time and effort.“
He further said, “In Tara and Rajit, we have the Max Group’s tenured top leaders. For Tara, Max India Vice Chairpersonship will be familiar grounds since she has been on the Board of Max India from Jan ’16. For Rajit, the Max India MD position complements the key position he already holds as the MD & CEO of its flagship business Antara. The additional role will allow him to align the interest of Max India and the strategic business choices of Antara. I have high conviction that this succession planning will ensure resilience and longevity, traits most in demand in the uncertain post-pandemic world.”
About Max Group
The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance industry and has ventured into high potential sectors of Senior Care and Real Estate. The Group recorded consolidated revenues of ~Rs. 19,800 Cr. in FY2020. It has a total customer base of ~4 million, around 400 offices spread across India and an employee strength of more than 16,000 as on 31st March 2020.
The Max Group comprises three holding companies – Max Financial Services and Max Ventures & Industries and Max India, which are listed on the Indian stock exchanges.
The Group’s investor base includes marquee global financial institutions such as New York Life, KKR, IFC Washington, Baron, Vanguard, Ward Ferry, Briarwood Capital, Locus Investments, Nomura, First State Investments, Blackrock, First Voyager, Eastspring, Target Asset Management, Jupiter, Habrok and Doric Capital.
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