Global investment firm KKR has acquired an approximate 9.95% stake in Max Financial Services, the newly demerged entity of the Max Group that owns an approximate 72% stake in Max Life, India’s fourth largest private life insurance player.
KKR acquired its stake from a sponsor group led by Analjit Singh, chairman emeritus of the Max Group.
KKR made its investment from its Asian Fund II through the portfolio investment route. Further details of the transaction were not disclosed.
The partnership between KKR and Max Financial Services comes as the Indian life insurance sector recovers from a recent slowdown.
Commenting on KKR’s investment, Singh said KKR has been a long-standing, value-added partner to Max Group across various business initiatives.
"The extension of our partnership couldn’t have happened at a more opportune time than now, following the listing of Max Financial Services, which creates an unparalleled platform to invest in the Indian life insurance space."
JM Financial executed the trade on behalf of both parties.