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Max Life explores merger with Birla Sun Life; Prince Pipes plans IPO

21 September, 2017

Billionaire Analjit Singh-promoted Max Financial Services Ltd is in exploratory talks with diversified conglomerate Aditya Birla Group to merge their life insurance businesses, The Economic Times reported citing people aware of the development.

Singh is also in talks with UK-based Northern Trust and global private equity firm Apax Partners to sell his 30% stake in Max Financial, the report added.

Max Financial runs Max Life Insurance Co. Ltd while Aditya Birla Group’s life insurance business is under Birla Sun Life Insurance Company Ltd, a joint venture with Canada’s Sun Life Financial.

“Birla-Max discussions are ongoing at a shareholder level to work out the correct structure. It has not yet reached a board level,” the report cited one person as saying.

The development comes after Max Financial and HDFC Standard Life Insurance Company scrapped their merger plans in July, after failing to get approval from the Insurance Regulatory and Development Authority of India.

HDFC Standard Life is now targeting to float an IPO by the end of 2017 or early 2018.
In another report, The Economic Times said that Mumbai-based Prince Pipes and Fittings Pvt. Ltd is planning to float an initial public offering to raise about Rs 800 crore.

Citing investment bankers, the report said that the company has appointed JM Financial and Edelweiss to run the IPO process.

Prince Pipes makes polyvinyl chloride (PVC) pipes and fittings at its factories at Athal and Dadra in Silvassa, Haridwar, Kolhapur and Chennai.

In 2013, the company had acquired Trubore Piping Systems, a division of Chennai-based Chemplast Sanmar Ltd, for Rs 70 crore.

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Max Life explores merger with Birla Sun Life; Prince Pipes plans IPO

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