Analjit Singh recently became headlines when Vodafone Group Plc decided to fully own its domestic unit. They decided to pay Analjit Singh Rs 1,241 crore and Piramal Enterprises Rs 8,900 crore for their stakes in Vodafone India as part of a proposal by the British telecom major
Singh clarified that he did not own any direct equity stake in Vodafone India, and has an indirect stake in the company through various holding firms, some of which have significant debt. The valuation of his stake in Vodafone India will have to take this debt into consideration.
However, terming the decision of FIPB to allow Vodafone to increase its stake to 100% as “extremely encouraging and most forward looking”, Singh said, “The decision is very important for ongoing reforms in India. In fact, it has a lot of symbolic significance because telecom is the first regulated sector to benefit from 100% FDI.
He also said that valuation that Vodafone has offered to him for his indirect stake in Vodafone India is consistent with the agreements signed between him and Vodafone, which were filed with the Foreign Investment Promotion Board (FIPB) in 2007 and 2009.
Who is Analjit Singh?
Born in January 1954, Analjit Singh is an Indian businessman who is the founder and chairman of Max Healthcare and Max Bupa Health Insurance Company Limited and Executive-Chairman of Max Life Insurance. He is the youngest son of Bhai Mohan Singh, founder of Ranbaxy Laboratories.
He was awarded the Padma Bhushan in 2011 by the President of India for his services in the field of business. In 2012, he was awarded the Golden Peacock award for his contributions to the society.
Singh is married and has three children.