Board of


Mr. Analjit Singh

Founder and Chairman Emeritus, Max Group

Mr. Analjit Singh is the Founder and Chairman Emeritus, Max Group, and Chairman of Max Ventures & Industries and Antara Senior Living. An industry statesman, he was awarded the Padma Bhushan, one of India’s top civilian honours in 2011. He is also the Chairman of Vodafone India, and is on the Board of Sofina NV/SA, Belgium. He has significant interests in real estate in India and lifestyle related ventures in the Western Cape, South Africa, pertaining to viticulture, wine making and hospitality.

Mr. Analjit Singh is a member of the Founder Executive Board of the Indian School of Business (ISB) and has served as Chairman of Board of Governors of the Indian Institute of Technology (IIT), Roorkee. He was awarded the Ernst and Young Entrepreneur of the Year Award (Service Category) in 2012 and the US India Business Council Leadership Award in 2013. In 2014, he was awarded with Spain’s second highest civilian honour, the Knight Commander of the Order of Queen Isabella. He is an alumnus of Doon School and Shri Ram College of Commerce (SRCC), Delhi University, and holds an MBA from Boston University. He also serves as the Honorary Consul General of the Republic of San Marino in India.

Mr. Aman Mehta

Independent Director

Mr. Aman Mehta retired as CEO of HSBC Asia Pacific in January 2004, after a global career of 35 years, and returned to India on permanent resettlement. He serves as an Independent, Non-Executive Director on the boards of numerous public companies and institutions in India as well as overseas

Mr. Rajesh Khanna

Independent Director

Mr. Rajesh Khanna is the founder and CEO of Arka Capital Advisors Pvt. Ltd, and is an investor in various companies. He is a Director of Max Life Insurance Company Limited. Mr. Khanna is a member of the Equity Investment Committee of Piramal Fund Management Pvt. Ltd and is a Senior Advisor of Kae Capital. He is on the Advisory Committee of Annamrita Foundation, an NGO which serves 1.2 million meals through its 20 kitchens across India, to school children and others. Previously, he served as a Managing Director and India Head of Warburg Pincus, a global private equity firm, and was a member of its global Executive Management Group. He received a PGDM from the Indian Institute of Management, Ahmedabad and is a Chartered Accountant.

Ms. Naina Lal Kidwai


Ms. Naina Lal Kidwai is Chairman, Max Financial Services and Advent Private Equity, a Non-Executive Director on the global board of Nestle, CIPLA Ltd and Larsen & Toubro and Past President of FICCI (Federation of Indian Chambers of Commerce & Industry). She retired as Executive Director on the board of HSBC Asia Pacific and Chairman HSBC India in December 2015.

An MBA from Harvard Business School, she makes regular appearances on listings by Fortune and others of international women in business and is the recipient of multiple awards and honours including the Padma Shri for her contribution to Trade and Industry, from the Government of India.

Her interests in water conservation and the environment are reflected in her engagements with The Shakti Sustainable Energy Foundation, International Advisory Council of the Inquiry of United Nations Environment Program (UNEP), Global Commission on Economy & Climate. She serves as Chair of FICCI Sustainability Energy and Water Council and Chair of the India Sanitation Coalition.

Mr. Ashwani Windlass

Non-Executive Director

Mr. Ashwani Windlass was part of the founding team at the erstwhile Max India, having served the Max Group in different capacities including as its Joint MD as well as MD, Hutchison Max Telecom from 1994 until 1998. He has continued as a Board member of the Company ever since. He has been the Chairman, MGRM (Asia-Pac) and Vice Chairman, and the MD of Reliance Telecom. He serves on leading advisory and statutory Boards, including acting as Chairman SA&JVs, MGRM Inc., USA, and member at Antara Senior Living Limited, Max Ventures Pvt. Ltd., Vodafone India Ltd. and Hindustan Media Ventures Ltd. He holds degrees in B.Com (Gold Medal), Bachelor of Journalism and MBA.

Mr. Sanjay Nayar

Non-Executive Director

Mr. Sanjay Nayar (Mumbai) joined KKR in 2009 and is a Member and CEO of KKR India. He is also a member of the Asia Portfolio Management Committee and the Asia Investment Committee. He is on the board of KKR’s portfolio companies Magma Financial Services, Gland, Apollo Hospitals, and Coffee Day Holdings, Avendus Capital and Max Financial Services, and has had significant involvement with KKR’s investment in Avantha. He also supports expanding the range of KKR’s credit and capital markets offerings across the region.

Prior to joining KKR, he served as CEO of Citigroup’s Indian and South Asian operations and as a member of Citigroup’s Management Committee and Asia Executive Operating Committee. Mr. Nayar was the deputy chairman of the Indian Banks Association (IBA), a member of the board of US-India Business Council (USIBC), and cochairman of the Banking Committee for the Federation of Indian Chambers of Commerce and Industry (FICCI) and SEBI’s Board of NISM and Alternative Investment Fund (AIF). He also served on the Committee of the Reserve Bank of India tasked with building a Centre for Advanced Financial Learning (CAFL). Currently, he is on the board of Habitat for Humanity, Pratham and Grameen Capital and ISB, and is a founding member of the Brookings Foundation, India. He was recently appointed to the Board of Emerging Markets Private Equity Association (EMPEA), and served until recently as the Chairman of the Indian Private Venture Capital Association.

Mr. Mohit Talwar

Managing Director

Mr. Mohit Talwar is the Managing Director of Max Financial Services and Max India, and Vice Chairman of Max Ventures & Industries Limited (MaxVIL). In addition, he is the Chairman of Max Speciality Films and serves on the Boards of Max Life Insurance, Max Healthcare, Max Bupa and Antara Senior Living.

As the Deputy Managing Director of the erstwhile consolidated Max India Limited, he successfully leveraged his strong relationships with institutional investors, hedge funds, banks and private equity firms, and led several complex corporate finance and financial structuring deals to ensure adequate investment and liquidity for the Group’s operations. He has played a central role in executing key transactions including the setting up of Max Bupa Health Insurance, bringing on board MS&AD Insurance Group Holdings as the new JV partner for Max Life, Life Healthcare’s entry in Max Healthcare, and later the equalization of its stake in the business, and completing the mega-restructuring of the erstwhile Max India into three new listed companies, which received a significantly positive reaction from capital markets. In his new role, Mr. Talwar was instrumental in executing a stake repurchase transaction with IDFC Limited, and more recently a transaction with IFC to repurchase its stake in Max Healthcare. He has also overseen key transactions in MaxVIL, including the induction of Toppan Group as a JV partner in Max Speciality Films, and a 22.5% stake sale to New York Life’s subsidiary.

Mr. Talwar has a wealth of experience in Corporate Finance and Investment Banking, and spent 24 years in Wholesale Banking in Standard Chartered, ANZ Grindlays and Bank of Nova Scotia

Mr. D.K. Mittal

Independent Director

Mr. D. K. Mittal is a former Indian Administrative Service (IAS) officer from the batch of 1977 and has served the Government of India in various capacities, including Secretary, Department of Financial Services, Secretary, Ministry of Corporate Affairs and Additional Secretary, Department of Commerce. Mr. Mittal has hands on experience in Infrastructure, International Trade, Urban Development, Renewable Energy, Agriculture Development and Micro- Credit, Corporate Governance, Banking, Insurance, Pension and Finance. He holds a Master’s degree in physics with specialisation in Electronics from the University of Allahabad, India.

Mr. Rahul Khosla

Permanent Invitee

Mr. Rahul Khosla is a seasoned business leader with deep management experience, broad leadership skills and wide business perspectives developed over the last 35 years of working in India and globally. He is currently President of the Max Group, and also serves as Executive President, Max Financial Services; Chairman, Max India; Chairman, Max Life Insurance; and Chairman, Max Healthcare. He also serves on the Boards of Antara Senior Living and Max Bupa Health Insurance Company.

Under his leadership, the Max Group has delivered superior financial performance, significantly grown market capitalization, and concluded seminal corporate transactions. He also led the mega-restructuring of the erstwhile Max India into three new listed entities. Before joining Max, Mr. Khosla spent 11 years based in Singapore as the Group Head of Products at Visa Inc for Asia Pacific, Central Europe, Middle East and Africa, following his role at Visa Inc as Chief Operating Officer for the Asia Pacific region. He held several senior roles prior to this – as Country Head for ANZ Grindlays’ consumer banking businesses in India; Head of Retail Assets, Strategy, Finance and Legal at Bank of America.

Mr. Rahul Khosla served as President, NatHealth, India’s leading multi-stakeholder platform for healthcare organizations in 2016, and is the President of the FICCI Committee on Health Services. In addition, he serves on the Executive Board of the Indian School of Business (ISB), one of Asia’s top B-Schools.


Mr. Analjit Singh Chairman Emeritus
Mr. Rahul Khosla Chairman
Mr. Rajesh Sud Executive Vice Chairman and Managing Director
Mr. D.K. Mittal Independent Director
Mr. Hideaki Nomura Non-Executive Director
Mr. John Poole Non-Executive Director
Mr. K. Narasimha Murthy Independent Director
Ms. Marielle Theron Non-Executive Director
Mr. Mohit Talwar Non-Executive Director
Mr. Masataka Kitagawa Non-Executive Director
Mr. Rajesh Khanna Independent Director
Mr. Rajit Mehta Non-Executive Director

Max India Foundation

Mr. Analjit Singh Managing Trustee
Ms. Archana Pandey Trustee
Mr. P. Dwarakanath Trustee
Mr. Rajesh Sud Trustee
Mr. Rajit Mehta Trustee
Ms. Sujatha Ratnam Trustee