KKR buys about 9.95% Stake in Max Financial Services

On Thursday, private equity firms KKR & Co LP said that it purchased around 10% stake in Max Financial Services for an undisclosed sum.

On Thursday, private equity firms KKR & Co LP said that it purchased around 10% stake in Max Financial Services for an undisclosed sum, looking to benefit from "robust growth" in Indian life insurancemarket.

The investment was made from KKR's Asian Fund II, the company said in a statement.

“KKR has been a long-standing, value-added partner to Max Group across various business initiatives. The extension of our partnership couldn’t have happened at a more opportune time than now, following the listing of Max Financial Services which creates an unparalleled platform to invest in the Indian life insurance space,” Analjit Singh said in the statement.

Max Group split several of its businesses last month into three separately listed entities, Max Financial Services, Max India, which have businesses in healthcare and health insurance, and Max Ventures and Industries Ltd, which makes specialty film for the packaging industry.

Max Financial Services owns a 72% stake in India's fourth-largest private life insurer Max Life.