Max Healthcare Ins board reconstituted, ropes in ex-Sebi chief U K Sinha as independent dir

Max Healthcare Institute (MHIL) on Tuesday announced reconstitution of its board with appointments of former Sebi Chairman U K Sinha along with ex-President of US-based HCA Healthcare Micheal Neeb as independent directors.

The company said Radiant Life Care Chairman and MD Abhay Soi will be its Chairman as part of a leadership change.

Moreover, Radiant has nominated KKR (India) CEO Sanjay Nayar as non-executive director on the board of MHIL, the company said in a statement.

The development follows the Rs 2,136 crore acquisition of 49.7 per cent stake in MHIL by Radiant which was announced last year.

Tara Vachhani and Mohit Talwar will continue as Max India nominees, it added.

Stating that the process of amalgamating Radiant Life Care Pvt Ltd and Max Healthcare under the chairmanship of Soi has begun, the company said it is likely to conclude the process within the next 8 to 12 months.

Post the merger, Soi would assume the role of Chairman & Managing Director of the combined entity, it said, adding that the company intended to embark upon a growth strategy based on both organic and inorganic growth.

The new entity will be the third largest hospital chain in India in terms of revenues at Rs 3,628 crore from hospitals in FY19 and 16 facilities with about 3,400 beds in operation, the company added.

MHIL intends to follow a well calibrated but robust growth path through organic and inorganic means particularly in Delhi and Mumbai, it said.

"Market downturns and uncertainty are best suited to entrepreneurs. Both, talent and opportunities are available to build businesses," Soi said.

In the interim, the company said a management council comprising of three senior directors Yogesh Sareen, Mradul Kaushik and Vandana Pakle - has been formed to manage day-to-day operations of MHIL.