Max Healthcare Revamps Board, Brings In Former SEBI Chairman UK Sinha As Independent Director
Max Healthcare Institute has appointed UK Sinha, former chairman of Securities And Exchange Board of India, as an independent director on its board.
Sinha's appointment is part of Max Healthcare’s board revamp that saw several new faces coming onboard. These include:
- Abhay Soi, chairman of Radiant Life Care Pvt. Ltd., as Max Healthcare’s new chairman.
- Michael Neeb, former president of U.S.-based HCA Healthcare Inc., as an independent director.
- Private equity firm KKR India’s Chief Executive Officer Sanjay Nayar as non-executive director.
- Tata Vachhani and Mohit Talwar continue to be on Max Healthcare board as nominees of parent Max India Ltd.
The board revamp was warranted following Radiant Life Care's acquisition of 49.70 percent stake in Max Healthcare in a deal valued at Rs 2,136 crore. The merger process has started under Chairman Abhay Soi, Max Healthcare said, adding that the same would be completed in the next 8-12 months.
In the interim, the company said, a management council—comprising of three senior directors Yogesh Sareen, Mradul Kaushik and Vandana Pakle—has been formed to manage day-to-day operations of Max Healthcare.
After the Radiant-Max Healthcare merger, Soi would assume the role of chairman and managing director of the combined entity, following which the company intends to embark upon a growth strategy based on both organic and inorganic growth.
The Radiant-Max Healthcare combine would be the third largest hospital chain in India in terms of revenue. The companies had a combined revenue of Rs 3,628 crore from their hospitals in 2018-19 with about 3,400 beds in operation, Max Healthcare said.
Max Healthcare intends to follow a well-calibrated and robust growth path via organic and inorganic means, particularly in Delhi and Mumbai. "Market downturns and uncertainty are best suited to entrepreneurs. Both, talent and opportunities are available to build businesses," Soi said.