12th July 2017, New Delhi
Max Speciality Films Appoints Ramneek Jain as New CEO
Max Speciality Films Limited (MSFL) today announced the appointment of Ramneek Jain as the Chief Executive Officer (CEO) of MSFL with effect from 11th July 2017. Ramneek is a seasoned business leader with over 23 years of rich experience across manufacturing organizations in India and the US.
Mr. Jain joins MSF after a 12-year stint at Anand Group, where he last held the position of Senior Vice President and Chief Operations Officer at Spicer India Limited, a subsidiary of the Anand Group. In this role, he managed company-wide operations and led an intensive cost restructuring exercise improving the company’s expense model, delivering returns on sales of more than Rs. 1,000 crore.
Prior to Spicer India, Mr. Jain was with MAHLE Filter Systems India (MFSI), a 50:50 joint venture between Anand Group and Germany-based MAHLE GmbH, where he spent more than 8 years and became the company’s Chief Operating Officer. At MFSI, he steered sales of Rs. 600 crore and managed five plants with 1500 employees. During his tenure, the company doubled its profits consecutively over two years. He also spent 6 years with General Motors in USA, early in his career.
Commenting on Mr. Jain’s appointment, Sahil Vachani, Managing Director and CEO, Max-Ventures and Industries Limited said, “Ramneek is joining MSFL at a critical juncture when the company is poised for a new phase of growth and expansion. We are close to completing a significant capacity augmentation exercise with the imminent launch of MSFL’s new production line in 2018. We also have a new strategic partnership with Japan-based Toppan Group, who recently joined us as a joint venture partner in MSF with an investment of nearly Rs. 200 crore. We hope that Ramneek will bring in a fresh perspective and vision to help MSF scale new heights and nurture our nascent relationship with the Toppan Group.”
MSFL’s incoming CEO Ramneek Jain added, “I am honored to be part of the Max Group, which has a proven track record of success in various lines of businesses and nurturing long-term partnerships with global enterprises. Over the past few years, Max Speciality Films has emerged as an industry leader in innovation and with strategic support from the Toppan Group, I am confident the company will be able to develop cutting-edge capabilities to push technology and produce world-class packaging. I look forward to leading MSFL through this exciting new journey.”
Mr. Jain holds an Executive Management Programme degree from MIT, Boston, a Master’s degree in Strategy and Planning from Kelley School of Business, USA, an MBA from Thunderbird School of Global Management, USA and a Bachelor’s degree in Mechanical Engineering from Manipal Institute of Technology. His wife Neha is a teacher and they have two children, Kalash and Khushi.
MaxVIL is the newest entity in the Max Group of companies that came into existence after the erstwhile Max India Group was demerged into Max Financial Services Limited, Max India Limited and Max-Ventures and Industries Limited (MaxVIL). MaxVIL has four distinct business verticals Max Speciality Films (Manufacturing), Max Estates (Real Estate), Max Learning (Education) and Max I. (providing intellectual and financial support to high-potential start-ups). MaxVIL is listed both on BSE and NSE. Other investors in MaxVIL include Morgan Stanley and Reliance Mutual Fund.
About Max-Ventures and Industries Limited
Max-Ventures and Industries, is the holding company of Max Speciality Films, an innovation leader in the Speciality Packaging Films business. In addition to manufacturing, the Company also serves as the Group’s entrepreneurial arm to explore the ‘wider world of business’, especially taking cues from the economic and commercial reforms agenda of the present Government, including ‘Make in India’, ‘Skill India’, ‘Digital India’, among others. With this vision, MaxVIL has incorporated three new subsidiaries, which are Max Estates, the real estate arm of the Max Group with the vision to bring the Group’s values of Sevabhav, Excellence and Credibility to the Indian real estate sector, Max I. Limited, a fully owned special purpose vehicle, will facilitate Intellectual & Financial Capital to promising and proven early-stage organizations across identified sunrise sectors and Max Learning Limited, which is focused on the education sector.
MaxVIL is listed on both the Bombay Stock Exchange as well as the National Stock Exchange. As on date, MaxVIL has 7,24,33,552 outstanding shares at a face value of Rs 10 per share. The current promoter shareholding in MaxVIL is 38.21%.
About Max Group
The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY2017, the Group recorded consolidated revenues of Rs. 16,798 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2017. The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Fidelity, Vanguard, Ward Ferry, New York Life, Wasatch, and Invesco.
The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max-Ventures & Industries.
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