Billionaire industrialist Analjit Singh is stepping down from his role as executive chairman of his diversified firm Max India though he will continue as chairperson, according to a stock market disclosure.
This was the planned move by the company to separate the management and ownership roles when he stepped down from the role of a managing director in February 2012 and Rahul Khosla and Mohit Talwar were elevated as MD and deputy MD, respectively.
A billionaire, Singh had in the past also supported Hutchison and thereafter Vodafone to comply with local FDI norms in running telecom business in the country. He recently sold his minority stake in Vodafone India (along with Piramals), to allow the British telecom giant to take full control of its Indian subsidiary.
He also came in to play what was believed to be a role of a ‘white knight’ to help Oberoi family to fend off an impending takeover threat by ITC. Singh later sold his stake to Reliance Industries.
Singh had a few months ago also invested in South African winery Mullineux & Leeu Family Wines (formerly known as Mullineux Family Wines).
Singh and family own over 39 per cent stake in Max India. Other key shareholders in the company include some of world’s leading institutional investors, such as Temasek, Goldman Sachs, International Finance Corporation and Norwegian sovereign wealth fund Government Pension Fund Global.
Max India is a diversified holding company with interests in areas like insurance and healthcare.
(Edited by Joby Puthuparampil Johnson)