Max India sells 26% stake in life insurance venture

Max India has sold a 26% stake in its life insurance venture to Japan’s MS&AD Insurance Group Holdings Inc. for Rs 2,700 crore or $580 million.

Recently, the company’s three members namely -- Madison Holdings, Melany Holdings and Parkville Holdings -- offloaded 8.29 million shares of the healthcare firm for over Rs 145 crore through open market transactions.

Max India is a multi-business enterprise. The company has business interest in area of life insurance, healthcare and clinical research. Max India holds 91% equity stake in Max Healthcare Institute.