Board of Directors

Mr. Analjit Singh

Founder & Chairman Emeritus, Max Group Chairman, Max Financial Services Limited

Mr. Analjit Singh is the Founder and Chairman Emeritus of The Max Group, a US$ 3 billion multi-business enterprise, with interests in life insurance (Max Life), health care (Max Healthcare), health insurance (Max Bupa), senior living (Antara), speciality packaging (Max Speciality Films) and real estate (Max Estates). Max Group is renowned for service excellence and has successful joint ventures with some of the pre-eminent firms including Mitsui Sumitomo and Toppan from Japan, Life Healthcare from South Africa and Bupa Plc from the United Kingdom. Earlier partners include DSM, Netherlands; New York Life Insurance Company; Hutchison Whampoa; Motorola; Lockheed Martin and others.

Amongst private family owned businesses, Mr. Analjit Singh is the founder of Leeu Collection, a group of leisure boutique hotels in Franschhoek, South Africa; The Lake District, UK; and soon to come in Florence, Italy. The Leeu Collection also includes a significant presence in wine and viticulture through Mullineux Leeu Family Wines; an active F & B portfolio of restaurants and partnerships with Ritu Dalmia, La Colombe in the Cape SA and the Alajmo Group in Italy. Art and Landscaping are also major pillars with a strong relationship with Everard Read, SA.

A self-made entrepreneur Mr. Analjit Singh was awarded Padma Bhushan, India’s third highest civilian honour, by the President of India in 2011.

An alumnus of The Doon School and Shri Ram College of Commerce, University of Delhi, Mr. Analjit Singh holds an MBA from Graduate School of Management, Boston University. He has been conferred with an honorary doctorate by Amity University.

Professionally, he is the non-executive Chairman of Max Ventures and Industries, Vodafone India and a Director on the board of Sofina NV/SA, Belgium.

Mr. Analjit Singh is a member of the Founder Executive Board of the Indian School of Business (ISB), India’s top ranked B-School, and has served as Chairman of Board of Governors of the Indian Institute of Technology (IIT), Roorkee - India’s oldest and most prestigious engineering college. He also served as Chairman of the Doon School.

Mr. Analjit Singh is a member of the Prime Minister’s Indo UK CEO council. In the past he has also served on the Prime Minister’s Indo US CEO council. Mr. Analjit Singh has also served as the co-chair of Prabodhan, a unique forum for facilitating closer and more effective engagement between European and Indian decision makers and opinion leaders.

He has been felicitated by Senator Hillary Clinton, former US Secretary of State on behalf of Indian American Centre for Political Awareness for his outstanding achievement in presenting the international community with an understanding of a modern and vibrant India and for creating several successful joint ventures with leading American companies and promoting business ties with the USA.

He has been honoured with the Ernst and Young Entrepreneur of the Year Award (Service Category) and the Golden Peacock Award for Leadership and Service Excellence. In 2014, he was awarded with Spain’s second highest civilian honour, the Knight Commander of the Order of Queen Isabella and the Distinguished Alumni Award from Boston University.

He also serves as the Honorary Consul General of the Republic of San Marino in India from October 2007 till August 2018.

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. He is on the Advisory Committee of Annamrita Foundation, an NGO which serves 1.2 million meals daily 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.

Mr. Aman Mehta

Independent Director

Mr. Aman Mehta retired as CEO of HSBC Asia Pacific in Jan 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. Mohit Talwar

Managing Director

A veteran in the Corporate Finance and Investment Banking industry, Mr. Mohit Talwar has a wealth of experience in Corporate Finance and Investment Banking, having spent 24 years in Wholesale Banking across global organisations such as Standard Chartered, ANZ Grindlays and Bank of Nova Scotia, prior to joining the Max Group.

He is currently the Managing Director of Max Financial Services Limited and Max India Limited, and Vice Chairman of Max Ventures and 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 Health Insurance and Antara Senior Living.

In his earlier role 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 and Life Healthcare’s entry as JV partner in Max Healthcare, and later the equalisation 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. Ashwani Windlass

Non-Executive Director

Mr. Ashwani Windlass was part of the founding team at 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 continues to serve on the Boards of Max Financial Services Limited and Max India Limited. 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., Jubilant FoodWorks Ltd. and Hindustan Media Ventures Ltd. He holds degrees in B.Com (Gold Medal), Bachelor of Journalism and MBA.

Mr. Sahil Vachani

Non-Executive Director

Mr. Sahil Vachani is the Managing Director and CEO of Max Ventures and Industries Limited (MaxVIL), and was recently appointed as a Director on the Boards of Max Financial Services Limited and its subsidiary Max Life Insurance. He joined the Boards of these companies as a representative of the Owner Sponsor Group led by Mr. Analjit Singh.

Sahil joined the Max Group in 2016 with a focus on creating a powerful Real Estate brand – Max Estates Limited, and steering MaxVIL’s other businesses towards growth. He has diverse expertise across various sectors including consumer durables and real estate.

Since assuming his role at MaxVIL, he has successfully completed two key transactions which will have an enduring impact on the Company’s growth journey over the next few years. The first is the sale of a 22.5% stake in MaxVIL to a subsidiary of New York Life Insurance Company in January 2017; and second, the induction of Toppan Printing Co. Ltd, Japan (Toppan) as a joint venture partner with a 49% stake in MaxVIL’s legacy manufacturing business – Max Speciality Films (MSF).

Besides MSF, he is currently overseeing two new business verticals under MaxVIL – Max Estates and Max I. Max Estates focuses on Grade-A commercial spaces. Its flagship project Max Towers, a prime commercial tower of ~0.6 million sq. ft. located on the Delhi-Noida Direct flyway, will be ready in 2018 and work on the second project, the redevelopment of Max House in Okhla, New Delhi is set to commence in FY2019. The other vertical, Max I., facilitates intellectual & financial Capital to promising and proven early-stage organizations across identified sunrise sectors. So far, it has made investments in Azure Hospitality Pvt. Ltd., which owns and operates successful F&B brands such as Mamagoto and Dhaba, and FSN E-Commerce Ventures Pvt. Ltd, which owns and operates the leading online beauty destination

Ms. Naina Lal Kidwai

Independent Director

Ms. Naina Lal Kidwai is an Independent Director at Max Financial Services and Advent Private Equity, a Non- Executive Director on the global board of 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. Till recently, Ms. Kidwai was serving as the Chairman of the Board of Max Financial Services Limited.

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 Science with specialisation in Physics from the University of Allahabad, India.

Mr. Sanjay Nayar

Non-Executive Director

Sanjay Nayar 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 Asian Investment Committee. He is on the board of KKR’s portfolio companies, Radiant Healthcare, Bharti Infratel, and Coffee Day Holdings, and has had significant involvement with KKR’s investment in Apollo Hospitals. 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

Currently, he is a member of the board of USISPF, an SEBI’s NISM Board of Governors. Serves on the Board of Emerging Markets Private Equity Association (EMPEA), Washington D.C; and Indian School of Business (ISB); and Founding Member of Brookings,

Mr. Nayar was the deputy chairman of the Indian Banks Association (IBA); the Committee of the Reserve Bank of India tasked with building a Centre for Advanced Financial Learning (CAFRAL); Co-Chairman of the Banking Committee for the Federation of Indian Chambers of Commerce and Industry (FICCI). He also served as the Chairman of the Indian Private Venture Capital Association.

Mr. Rahul Khosla

President, Max Group and Executive President, MFSL 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 more than a decade 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 that – as Country Head for ANZ Grindlays’ consumer banking businesses in India; Head of Retail Assets, Strategy, Finance and Legal at Bank of America; CFO for the American Express TRS businesses for India and South Asia, and as a Business Leader to help set up a pioneering in-house global processing facility for American Express.

Mr. Khosla served as President, NatHealth, India’s leading multi-stakeholder platform for healthcare organisations in 2016 and as the Chair of the FICCI Committee on Health Services in 2017. In addition, he serves on the Executive Board of the Indian School of Business (ISB), one of Asia’s top B-Schools.

He is a Fellow member of the Institute of Chartered Accountants of India, an Economics graduate from St.Stephens College, Delhi and completed his schooling at St. Xavier’s in Delhi.


Mr. Rahul Khosla Chairman
Mr. Rajesh Sud Executive Vice Chairman and Managing Director
Mr. Dinesh Kumar 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. Masataka Kitagawa Non-Executive Director
Mr. Mohit Talwar Non-Executive Director
Mr. Rajesh Khanna Independent Director
Mr. Rajit Mehta Non-Executive Director
Mr. Sahil Vachani Non-Executive Director