Analjit Singh's family office has repaid debts worth INR 5,500-6,000 crore that were taken from KKR & Co about a decade ago. The loans were used to fund investments in property and hospitality ventures. The family office is said to have repaid the final tranche of these loans, which dated back to 2011, by utilizing funds generated from the sale of a 3.2% stake in Max Financial. The Singh family's strategic debt repayment and asset restructuring demonstrate their prudent financial management.
Analjit Singh's family office has cleared debts worth INR 5,500-6,000 crore that were taken from KKR & Co about a decade ago. The family office is said to have repaid the final tranche of these loans, which dated back to 2011. Last week, they paid off INR 1,200 crore to the lenders by utilizing funds generated from the sale of a 3.2% stake in Max Financial.
Singh, the promoter of Max India, had obtained these loans to finance new investments and diversify the family's asset portfolio. The loans were used to fund investments in property and hospitality ventures.
Although the loans were originally obtained from KKR, they were eventually sold to non-banking financial companies (NBFCs). Neither KKR nor InCred, with which it merged its NBFC arm, held any of the debt when the last tranche was cleared. Singh had secured the loans by pledging the family's shares in its listed healthcare and financial businesses. KKR later acquired the healthcare business of the Max group when it was merged with Radiant Life Care, in which KKR was the dominant shareholder.
After the stake sale, the Singh family's holding in Max Financial has halved to 3.2%. Max Financial operates a life insurance business in a joint venture with Axis Bank. The Singh family office also holds a stake in Max Estates, which manages the group's real estate business, and Max India, which operates Antara Senior Living, a facility that builds homes for the elderly.
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