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Our Journey
The foundations of the erstwhile Max India as a group holding company were established in 1984 at Railmajra, Punjab by our founder Mr. Analjit Singh, then a budding entrepreneur. In the nearly three decades since its inception, Max India continuously grew and evolved, transitioning from a pure manufacturing company to a Rs 14,000 crore conglomerate operating in ‘businesses of life’, with a pan-India presence.
Through this journey, Max Group’s focus on outstanding quality has been consistent and unrelenting. Be it about setting up India’s first FDA approved drug intermediate plants or introducing path-breaking technologies like satellite phone, cellular phones in India or setting outstanding service standards in insurance and healthcare.
In its entrepreneurial journey, Max Group focused on building and leveraging relationships with the best in the world, in its relentless pursuit of excellence. Starting off as a manufacturer of penicillin-based drugs, bulk active pharmaceuticals and packaging films, Max India evolved by partnering with global leaders like New York Life, Gist-brocades, Elf Atochem, Hutchison Telecommunications, Motorola, Comsat etc. Max India’s key current joint ventures partners include Mitsui Sumitomo Insurance Company Ltd., Life Healthcare and Bupa Finance Plc.
Max India was demerged into 3 listed companies in November 2015.
Incorporated on February 5th, 1982, with a vision to be a multi-business enterprise
Ground Breaking and laying of the Foundation Stone at Toansa
Commenced commercial operations on January 15th, 1985 with setting up of India’s first plant, using enzymatic technology, to manufacture penicillin-based drug intermediate – 6APA. It later became India’s first intermediate manufacturer to receive USFDA approval.
Max Specialty Products commissioned its metallizing plant at its facility near Chandigarh, to manufacture metallized range of BOPP products.
Entered Joint Venture with Atotech BV, Netherlands, to manufacture Printed Circuit Board Plating and general metal finishing chemicals, at Sidhrawali, Haryana. JV signed in 1996 and production started in1997.
Max Pharma, Nanjangud plant began commercial production. The plant conformed to the WHO’s Good Manufacturing Practices Standard, and received the USFDA approval
Commissioned India’s first enzymatic drug intermediate plant for manufacturing 7ADCA. This plant also received USFDA approvals.
Max Electronics entered into a Joint Venture with Avnet Inc., U.S.A.; business re-christened ‘Avnet Max’.
Ground Breaking Ceremony of Maxxon, a new company, under an agreement with the Punjab State Industrial Development Corporation, for the manufacture of BOPP (Biaxially Oriented Polypropylene film).
Launched Max Electronics, to enter the electronic component distribution business.
New MAXXON facility commissioned, to manufacture BoPP near Chandigarh
Entered telecom services in partnership with Hutchison Telecommunications Limited, Hong Kong, to set up Cellular and Radio paging service
Expanded into manufacture of bulk pharmaceuticals business, with a new division Max Pharma that made and marketed various therapeutic groups of formulated drugs
Spun off drug intermediates business, with setting up of Max GB, a 50:50 Joint Venture with Gist Brocades, Netherlands, and became the largest manufacturer in its category in Asia.
Hutchison Max Telecom Private Limited (HMTL) awarded the license to operate Radio Paging services in seven cities: Ahmedabad, Bangalore, Baroda, Chandigarh, Hyderabad, Ludhiana and Pune. ‘Max Page’ introduced as a radio-paging brand.
Maxxon renamed Max Speciality Products (MSP). It went on to receive ISO 9002 certification from DNV, Netherlands.
Entered strategic alliance with The Upjohn Company, USA, to market Depo-Provera, an injectable long-acting contraceptive
Hutchison Max launched mobile phone service ‘Max Touch’, in Mumbai. ‘Max Page’and ‘Max Touch’ went on to become leaders in their categories.
Entered satellite based VSAT services, through a Joint Venture with Comsat International Ventures, USA
Max Speciality Products developed ‘Maxfoil’, a packaging innovation for upgrading and finishing leather substrates, in partnership with Central Leather Research Institute.
Hindustan Max GB, a Joint Venture between Max GB and Hindustan Antibiotics Limited (HAL) was formed, for the manufacture of Penicillin G. It became number one fermentation facility for Penicillin G, in Asia.
Max India divested from Max Neeman the Group’s its clinical research business. The business was acquired by JSS Medical Research, a Canada based CRO specialized in providing clinical trial, health economics & outcomes research, post-marketing trial and market access solutions.
Max Healthcare concluded its first acquisition – Delhi-NCR based 340 beds, Pushpanjali Crosslay Hospital
Max Healthcare acquired a 51% stake in 230-bedded Saket City Hospital Pvt. Ltd.(SCH), from Smart Health City Pte Ltd, the Singapore based BK Modi Group company. Max Healthcare plans to further expand the SCH facility by ~900 additional beds over the next few years, thereby expanding SCH’s capacity to 1200 beds, and offering a combined capacity of almost 2000 beds in the heart of South Delhi. This addition represents more than a 50% increase to Max Healthcare’s current capacity, significantly enhances access to quality healthcare in the NCR region, and will make Max Healthcare the largest healthcare provider brand in New Delhi
Bupa Finance Plc increases its stake in Max Bupa to 49%.
Subsidiarisation of Max Speciality Films (MSF): MSF a division of Max India, became a subsidiary of Max India on April 1, 2014.
Life Healthcare equalized stake in Max Healthcare with Max India, at an Enterprise Value of Rs 3650 Crore; IFC Washington maintained their stake at 7.5%.
Mr. Analjit Singh gave up his executive role and became the Non-Executive Chairman of Max India, handing over all executive functions to his successor Rahul Khosla.
Initiated reinvention of Max, from being a B2B manufacturing conglomerate to a B2C services company, with entry into people-oriented and knowledge-based businesses: Healthcare (Max Healthcare), Life Insurance (Max New York Life Insurance), IT/IT-enabled services (Max HealthScribe), Clinical Studies (Neeman Medical International)
MSP expanded operation. Started Line II at its plant in Railmajara, Punjab
Divested generic bulk drugs business (Max Pharma).Divested generic bulk drugs business (Max Pharma).
Divested electronic component distribution business (Avnet Max).
Trimmed operations of Max Ateev.
Divested IT/IT-enabled services business Max HealthScribe.
Max Healthcare redefines healthcare in India. Enters tertiary care segment, with the launch of Max Super Speciality Hospital, Saket. Later that year, Max Hospital, Patparganj also became operational.
Neeman Medical International expanded its portfolio, becoming an integrated clinical studies company with entry into Data Management and Site Monitoring services.
Max Speciality Products increased its capacity three fold, from 9,000 TPA to 29,000 TPA.
Focus on Governance: Max kicked off an initiative to setup empowered boards to drive the Group’s future growth. Globally renowned domain experts were inducted into Max India’s Board and Boards of the major subsidiaries.
Group’s clinical research company, Neeman Medical International, rechristened as Max Neeman Medical International.
Max India Foundation (MIF) set up: Max formalized its social commitment with the establishment of the Group’s CSR division. MIF mandated to focus on child health, support for the underprivileged and environment awareness.
Max Bupa Health Insurance set up: Max entered into a Joint Venture with Bupa Finance Plc, UK, a leading international healthcare provider, with 65 years of healthcare knowledge. Max Bupa combined Bupa’s global health insurance and customer service expertise with Max Group’s understanding and experience in health and insurance sectors in India.
Goldman Sachs invested $115 million in Max India, by way of fully and compulsorily convertible debentures (FCDs), to fund Max India’s expanding insurance, healthcare and specialty plastics businesses.
Max Group’s Specialty packaging business, Max Specialty Products, rechristened as Max Specialty Films.
Max achieved group revenue of US$ 1 billion.
Max India concluded a mega corporate restructuring demerging into 3 holding companies – Max Financial Services Limited (Life Insurance), Max India Limited (Healthcare & Allied businesses) and Max Ventures and Industries Limited (Manufacturing Industries and New Entrepreneurial Ventures).
Max Group crossed a customer base of 4 million.
Max Healthcare crossed 1000 beds installed capacity. The company launched India’s first Gold LEED rated hospital, with start of tertiary care operations at Max Super Speciality Hospital, Patparganj.
Max Bupa Health Insurance started operations, becoming the third standalone health insurer in India. The company offered health insurance for the entire family, irrespective of members’ age, and set up an in-house customer service team to ensure outstanding customer service.
Induction of Toppan Printing CO. Ltd, Japan (Toppan) as a joint venture partner with a 49% stake in MaxVIL’S flagship manufacturing business – MSF
A Subsidiary of New York Life Insurance Company made strategic investments in MaxVIL by acquiring 22.51% equity stake in MaxVIL
Mr. Analjit Singh, Chairman, Max India was awarded one of India’s highest civilian honors, the Padma Bhushan, by the President of India. It recognized Mr. Singh’s contribution towards building India Inc.
Rahul Khosla, a seasoned global business leader with deep management experience, joined Max India as its Managing Director.
Max Specialty Films doubled its capacity to 52,000 TPA.
Max Healthcare significantly expanded capacity of its hospital network, with commissioning of a state of the art super specialty hospital at Shalimar Bagh, Delhi and two super specialty hospitals in Mohali and Bathinda, Punjab (setup under PPP model in partnership with Government of Punjab).
Life Healthcare, South Africa’s USD 2bn healthcare major, acquired 26% stake in Max Healthcare for Rs. 516.5 crore.
Life Healthcare equalized stake in Max Healthcare with Max India, at an Enterprise Value of Rs 3650 Crore; IFC Washington maintained their stake at 7.5%.
Max India entered Senior Living with Antara Senior Living: To be spread across 13 acres, the first Antara community, in Dehradun, was planned to have over 200 resident apartments.