Max India's hospitality business has grown by 30 percent in the last six years, he says. The company plans to expand its bed capacity to 5,000 from the current 2,500. Land has been acquired for these expansion plans.
Deputy managing director Mohit Talwar of Max India said that profits for the life insurance business have increased 8 times and AUMs has increased 20% for the same business. Talwar expects Rs 516 crore from the Max Healthcare stake sale. He also stated that the liquidity position of Max group is very healthy.
Diversified group Max India today said it has shelved a plan to raise funds through a rights issue by its arm Max Healthcare Institute after selling 26% stake in it for Rs 516.5 crore to South Africa's Life Healthcare Group.
The Goldman Sachs unit picked up 9.1% stake in Max India for about Rs 522 crores (USD 116 million) following conversion of debentures, Mohit Talwar, director, corporate development, told Reuters over the telephone.