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Journalism of Courage
MUMBAI, NOV 4: Max India, belonging to Analjit Singh of the Max group, has set up a non-banking financial institution to invest its Rs 320 crore realised from the sale of its stake in telecom venture Hutchison Max Telecom.
PricewaterhouseCoopers has been asked to recommend systems and processes to streamline issues pertaining to these operations and ensure documentation. The new company, Max Corporation Ltd, has received an amount Rs 220 crore from Max Telecom to begin its NBFC business.
The company has invested Rs 94 crore, 39 per cent of its total corpus, into short term secured and unsecured debts and invested Rs 56 crore in mutual funds. Of the total Rs 551 crore realised from Max Hutchison venture, the company has given a special dividend of Rs 100 per share last fiscal year which resulted in a total outgo of Rs 117 crore.
According to Analjit Singh, vice chairman of Max India, the proposed insurance joint venture with New York Life Insurance would be financed from the proceeds of equity sale of Hutchison Max.
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