Private equity firm KKR has acquired 9.95 per cent stake in Max Financial Services for around Rs 950-1,000 crore. Max Financial Services is the newly demerged entity of the Max Group that owns around 72 per cent stake in Max Life, India’s fourth-largest private life insurance player.
KKR acquired stake from a sponsor group led by Analjit Singh, chairman Emeritus of Max Group, it said in a statement. The investment was made from KKR’s Asian Fund II through the portfolio investment route, it added.
However, financial details of the transaction were not disclosed. “We continue to believe in India’s growth potential, increase in financial savings and resultant life insurance industry growth. Within the sector we are excited to partner with Analjit Singh and his team at Max Financial Services, a company which is well positioned in the life insurance industry,” KKR India CEO Sanjay Nayar said.