JV Partnerships

The Max Group is credited with successfully forging and nurturing strong and fruitful business relationships with several leading global companies. The Group’s philosophy is to build open and transparent relationships which are managed in the spirit of Equality. Since its inception almost three decades ago, Max has attracted the best global companies as its business partners. The Group has succeeded in merging its partners’ expertise with its own experience, knowledge and attributes to emerge as a quality leader in all its businesses.

Some of its past joint venture partners include New York Life, Hutchison Telecommunications, Motorola, Schering AG, Avent Inc., Gist-brocades (GB), The Upjohn Company, Comsat International Ventures, Atotech BV.

The Max Group is proud of the excellent partnerships it currently has with Mitsui Sumitomo, Japan, Life Healthcare, South Africa and Bupa Finance Plc., UK for its Life Insurance, Healthcare and Health Insurance businesses respectively. These partnerships have consistently grown, developed, and matured into strong relationships.

Past JV Partners

New York Life (Life Insurance)

New York Life is the largest mutual life-insurance company in the United States, and one of the largest life insurers in the world, with about US $512 billion in total assets under management. New York Life was the founding partner for Max India’s life insurance business (then Max New York Life Insurance). New York Life served as Max India’s JV partner for 10 years before deciding to exit in 2012 as part of its global strategic realignment.

Hutchison Telecoms (Mobile Telephony)

Hutchison Telecoms (now Hutchison Asia Telecommunications Limited) is a multinational telecommunications services company headquartered in Hong Kong. It operates GSM mobile telecommunications services across Asia. In 1992, Max India entered into a partnership with Hutchison to set up Cellular and Radio Paging services through Hutchison Max Telecom Pvt. Ltd (HMTL). Hutchison Max launched radio paging services ‘Max Page’ in 7 cities – Ahmedabad, Bangalore, Baroda, Chandigarh, Hyderabad, Ludhiana and Pune – and cellular telephone services ‘Max Touch’ in Mumbai. In 1998, Max India divested 90% of its stake in Hutchison Max.

Gist-brocades NV (Now Royal DSM) (Pharmaceuticals)

In February, 1993, Max India integrated its drug intermediates business in a 50:50 JV with the Dutch food products and biotechnology company International BV, which was later acquired by the Dutch multinational DSM NV. The JV was christened Max GB Limited and the integration made it the largest manufacturer of intermediate drugs in India and Asia. In 1995, Max GB and Hindustan Antibiotics Limited (HAL) entered into a JV, Hindustan Max GB Penicillin, to set up Asia’s first fermentation Penicillin facility. As part of its shift to the service sector, Max India exited Max GB by selling its 24% stake to its partner DSM.

Comsat International (Communication Services)

Comsat is a global telecommunications company based in the USA. It provides telecommunications services for enterprise, government, and service-provider customers. In 1995, Max India entered into a joint venture with Comsat International Ventures, USA, to set up Comsat Max Limited, which offered satellite communication services using VSATs.

Atotech BV (Plating Chemicals)

Germany-based Atotech BV is one of the world’s leading manufacturers of processes and equipment for the PCB industry and the decorative and functional electroplating industry. In 1996, Max India entered a JV with Atotech to manufacture Printed Circuit Board Plating and general metal finishing chemicals. Max India divested its stake in the JV in 2001 granting 100% control to its German partner.

Avnet Inc., USA (Electronic Components)

Avnet Inc., USA is one of the world’s largest global distributors of electronic components, computer and IT solutions, embedded technology and services. In 1998, Max Electronics entered into a Joint Venture partnership with Avnet. The business was re-christened ‘Avnet Max’. Max India exited the business in 2002 to sharpen its focus on service-oriented businesses.

Motorola (Electronic Components)

Motorola, Inc. was a US-based multinational telecommunications company, which designed and sold wireless network equipment such as cellular transmission base stations and signal amplifiers. In 1989, Max India launched Max Electronics to enter the electronic component distribution business for Motorola, Inc. In 1996, Max India again partnered with Motorola as the exclusive representative of Motorola Semi-Conductor for the South India sub-continent. Max India exited the business in 1997.

Current JV Partners

Max Ventures & Industries


Established in 1900, Toppan Printing Co. Ltd. (Market Cap of US$ 6.8 billion) is a multinational corporation with interests in areas such as Information & Communication, Living & Industry, and Electronics. Over the years, Toppan Printing has brought together advanced printing technology and a wide variety of knowledge and experience in fields such as marketing and IT. This has allowed the company to establish a systemized set of “printing technologies” that are unique to Toppan.
At present, the core of Toppan’s business is the development and provision of “total solutions” that take into consideration challenges in business faced by customers, as well as the challenges faced by all stakeholders and society as a whole.

Max Financial Services

Mitsui Sumitomo Insurance, Japan (Life Insurance)

Mitsui Sumitomo Insurance Company, Limited (MSI) is one of the core operating companies of MS&AD Insurance Group, which is among the top 10 general insurers in the world and the largest in Japan. The MS&AD Insurance Group Holdings, Inc. was formed in April 2010 through the business integration of Mitsui Sumitomo Insurance Group Holdings, Inc., Aioi Insurance Co., Ltd., and Nissay Dowa General Insurance Co., Ltd.

With a history of more than 90 years of International business development, MSI has expanded its international business into 42 countries globally.MSI is the only insurance company with bases in all 10 countries of the ASEAN region, and has overall built strong positions across all Asian markets.

Max India

Life Healthcare, South Africa (Healthcare)

The Life Healthcare Group is a key player in the South African healthcare sector and is listed on the Johannesburg Stock Exchange. With 63 facilities, the Group has one of the most extensive footprints in southern Africa, covering seven of South Africa’s provinces as well as neighbouring Botswana. It is also the first and only hospital group in South Africa to have achieved multisite ISO 9001 certification. The Life Healthcare Group offers world-class facilities, expertise and compassion. The Group is committed to:


Well-being and quality of life


Clinical excellence using first-class facilities


quality service, respect and empathy for those entrusted to their care

International Division

The international division comprises the group’s joint venture with Max Healthcare and ownership of Scanmed Multimedis, a leading private healthcare provider in Poland.

Hospital Division (Southern Africa)

With 8,459 beds, this division comprises the core hospital offering, as well as acute physical rehabilitation, mental healthcare and renal dialysis services.

Healthcare Services (Southern Africa)

This division provides acute and long-term hospitalisation services to the public sector. It also provides occupational healthcare and wellness services to both private and public sector employers.

Max India

Bupa Finance PLC., United Kingdom (Health Insurance)

Bupa’s purpose is longer, healthier, happier lives.

As a leading global health and care company, Bupa offers health insurance, medical subscription and other health and care funding products; it runs care homes, retirement and care villages, primary care, diagnostic and wellness centres, hospitals and dental clinics. Bupa also provides workplace health services, home healthcare, health assessments and long-term condition management services.

Bupa has 29m customers in 190 countries. With no shareholders, Bupa reinvests its profits to provide more and better healthcare and fulfil its purpose.

The Company employs almost 80,000 people, principally in the UK, Australia, Spain, Poland, New Zealand and Chile, as well as Saudi Arabia, Hong Kong, India, Thailand and the USA.