Analjit Singh is a self driven man, his dedication and hard work is an inspiration to many new entrepreneurs. Coming from an illustrious business family background most would assume that his journey towards being a successful capitalist was an effortless one. Well not in his case, backed by buoyancy and zest to achieve his goals Singh managed to outshine his peers. He is the Chairperson and founding member of Max India, Max New Life Insurance ltd, Max Healthcare and Max Bupa Health Insurance. With his business expertise and astuteness he has been constantly reinventing and streamlining his ideas to keep up with changing business trends. Analjit Singh is a member of the Prime Minister's Joint Indo-US CEOs Forum and continues to hold top ranking positions in several renowned Indian companies Vodafone Essar, Tata Tea, Industrial Development Bank of India and Hero Honda Motors. Read on to know more about the man behind Max New York Life Insurance, Analjit Singh.
Analjit is the youngest son of Bhai Mohan Singh who was the former founder of Ranbaxy Laboratories and Max India. He completed his early education from Doon School, Dehradun and then went on to enroll himself in the Shriram College of Commerce to earn a degree in commerce. Analjit then later moved to the USA to earn his MBA from a graduate school of management that was associated with the Bostan University. He grew up with two siblings named Parvinder and Manjit.
When Analjit returned from the USA after completing his MBA he joined the family business, a pharmaceutical company named Ranbaxy. However, his work at Ranbaxy was short lived due to a family dispute; his father divided the business in 1989 to settle the differences. His elder brother Parvinder was given Ranbaxy Laboratories and the real estate portion of the business went to his Manjit Singh, Analjit's other brother. Analjit was left with a rundown factory at Okhla where he had to offer a voluntary retirement scheme to his workers from his own earnings. In 1992, his hard work and dedication paid off when he put together an alliance with Hutchison Telecommunications, Hong Kong, to gain cellular and radio paging services in India. The venture proved to be profitable despite its operations being functional only in Mumbai. In a short span of just six years the company earned a profit of Rs. 1,368 crores. Hutch held a stake of 49% in the business and the remaining 51% of the equity holdings was held by Analjit's company. Due to the successful business venture in Mumbai, the obvious thing to do was to expand the business by going national but Analjit's ambition to do so failed. His business partner Hutch felt that the licensing fee was exorbitant along with certain qualms. Despite several efforts to expand his prevailing telecom business Analjit was left with no other option but to close down the company for a whopping Rs. 561 crores for the sale of just 41% of the shares. Although retirement was on the cards Analjit refused to back away from the business circuit as he felt that there were many unexplored pockets. He thereafter ventured into life insurance and healthcare in 1999, but then had no idea that he had actually hit a jackpot. During his initial years Analjit gradually sold off his assets at a profitable price to pump capital for his new business. His company Max India has a trustworthy approach combined with a great business strategy that he strongly believes in. Analjit also wanted to get into education and soon figured that the best way to get involved was to become a member of a governing body; he is the founder member of Indian School of Business in Mohali.
Awards and Achievements
Over the years Analjit has not only proved to be a dynamic business personality but also shown that he is great with philanthropist ideas. He has been actively involved in several social causes, being the Chairperson and the Chief Beneficiary of Max India Foundation (MIF). MIF is a socially responsible organization and has tied up with many NGO's such as SOS Children's Village, Manav Seva Sannidhi, CanSupport and Chinmaya Mission. To aid underprivileged children with good healthcare services, provide medical awareness among womenfolk, and support environmental issues are few of the concerns the foundation has focused on. During his career. Analjit has been conferred with several accolades but the one that stands out the most is the one he received from Senator Hillary Clinton by The Indian American Center for Political Awareness (IACPA). The award was given to honor his outstanding contributions in addressing the global community to help understand a modern and effervescent India. Recently, he also received the Padma Bhushan from the Indian President.
1986: He joined his father's company Ranbaxy Laboratories
1992: He partnered with Hutchison Telecommunications
1998: Sells 41% of his holdings to Hutchison and Kotak Mahindra Group.
2000: He establishes Max New York Life Insurance.
2005: Sell 10% of the holdings.
2008: Ties up with Bupa Finance Plc of London to set up a health insurance scheme.