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NCLT approves demerger of Max India into Advaita

Monday, 01 Jun 2020

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The National Company Law Tribunal (NCLT) has approved the composite scheme involving merger of the healthcare assets of Max India into Max Healthcare and demerger of the residual businesses of Max India into Advaita, a wholly-owned subsidiary of Max India.

The composite scheme has been declared effective starting 1 June 2020. The Record Date for the demerger has been set as 15 June 2020. All Max India shareholders as on the Record Date will be allotted shares of Max Healthcare and Advaita Allied Health Services (which will be renamed as Max India later). Both Max Healthcare and the new ‘Max India’ are expected to be listed on the Indian stock exchanges in August 2020.

This marks significant progress for the comprehensive scheme that involves a series of transactions including demerger of Radiant’s healthcare assets into Max Healthcare.

This will result in KKR-backed Radiant Healthcare acquiring a majority stake in Max Healthcare and the listing of the combined Max Healthcare and the new ‘Max India’.

The combination of Radiant and Max Healthcare will create the second largest hospital network in India by revenue.

The merged entity will operate over 3,500 beds throughout 17 hospitals and medical centres across India, including tertiary and quaternary care facilities offering high-end critical and super specialty care supported by strong local brands such as BLK Hospital, Max Saket Hospital, Max Smart Hospital, Max Patparganj Hospital, and Nanavati Hospital.

The combined business is expected to provide significant growth potential and compelling business synergies. The new ‘Max India’ will be a holding company of two businesses -- Max Group’s Senior Care business called Antara and a skilling company, Max Skill First.

Antara has recently launched its second senior living community, situated in NCR on the Noida Expressway and is also set to launch Assisted Living businesses in NCR.