Max Life to Sell Large Stakes to Axis Bank

After entering into an agreement of selling stakes of Max Bupa to True North (a private equity firm), Max Life Insurance is in news to sell its large share to Axis Bank. Currently, Axis Bank is the biggest distributor of insurance policies of Max Life and the only bank without any insurance arm.

However, Max Life has neither commented on it nor made clear whether it is in talks with other suitors currently. Earlier, IndusInd Bank had put the proposal of acquiring a large amount of share in Max Life, but the matter did not go ahead as IndusInd was in favour of 51% control.

Analjit Singh, the Founder & Chairman of Max Group, is in the middle of a robust corporate restructuring, has ventured into selling a majority of shares of health insurance businesses.