The Board of Directors of Max Financial Services Ltd. (MFS) today approved the appointment of Sahil Vachani, Managing Director and CEO of Max Ventures and Industries Limited (Max Ventures), as a Director on the Company’s Board, subject to shareholder approval. He was also recently appointed to the Board of Directors of MFS’ subsidiary Max Life Insurance, effective 18th May 2018.
Sahil Vachani, Managing Director and CEO of Max Ventures and Industries Limited
Sahil has joined the Boards of these companies as a representative of the Owner Sponsor Group led by Mr. Analjit Singh. He joined the Max Group in 2016 with a focus on creating a powerful Real Estate brand – Max Estates and steering Max Ventures’ other businesses towards growth. He has diverse expertise across various sectors including consumer durables and real estate.
Since assuming his role at Max Ventures, he has successfully completed two key transactions which will have an enduring impact on its growth journey over the next few years – sale of a 22.5% stake in Max Ventures to a subsidiary of New York Life Insurance Company in January 2017; and the induction of Toppan Printing Co. Ltd., Japan (Toppan) as a joint venture partner with a 49% stake in Max Ventures’ legacy manufacturing business, Max Speciality Films (MSF). Besides MSF, he is currently overseeing two new business verticals – Max Estates Limited and Max I. Limited.
Commenting on Mr. Vachani’s appointment, Mr. Analjit Singh, Founder and Chairman Emeritus, Max Group said, “We initiated a leadership transition at the Max Group in 2011 to ensure independent professional management of the Group and its businesses. Sahil’s appointment as a representative of the sponsor group is an augmentation of both this model as well as the family’s commitment to grow the Life Insurance business with uncompromising governance standards.”
Mr. Rahul Khosla, President, Max Group and Chairman, Max Life Insurance said, “I am delighted to welcome Sahil to the Boards of Max Life and MFS. In a short span of time, he has demonstrated leadership potential and led several strategic growth initiatives. I firmly believe that Sahil will provide a valuable and fresh perspective as we continue to pursue organic and inorganic growth and enhance value for all stakeholders.”
Sahil started his career as a banker with Citigroup in London, where he worked on Mergers and Acquisitions across the Middle East and Africa region. In 2004, he joined Dixon Technologies, a consumer appliance manufacturing firm as Business Head and setup new verticals across multiple locations and was involved in the launch of new products, setting up of new manufacturing facilities and establishing relationships with leading brands as customers.
In 2008, he transitioned to a new role as Co-founder and Managing Director of Dixon Appliances Pvt. Ltd., where he led the business from its inception on multiple fronts, including designing of products, building the team, setting up the manufacturing facility, operations and building relationships with leading brands in India such as Panasonic, Godrej, LG, among others. The Company emerged as the single-largest third party contract manufacturer of Washing Machines for the Indian market. In July 2015, Mr. Vachani sold his shareholding in the company to devote complete attention to his role in the Max Group.
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 KKR, IFC Washington, Vanguard, Ward Ferry, New York Life, Nomura, Aberdeen, Temasek, Target Asset Management, Baron, Jupiter, Doric capital and Wasatch.
The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.
About Max Financial Services Limited
Max Financial Services Limited (MFS), a part of the US$ 3 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.
About Max Life Insurance
Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 18 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision ‘To be the most admired life insurance company by securing the financial future of our customers‘. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.