Max Specialty Films (MSF), a business division of Max India Ltd, has appointed Jaideep Wadhwa as Chief Executive Officer. Jaideep will focus on profitably growing the business, achieving optimal scale and strengthening key customer relationships. He will report to Rahul Khosla, Managing Director, Max India. Jaideep will succeed Sudhir Mathur who successfully led MSF as Chief Executive Officer for 8 years, steering growth of five times in revenues, over three times in profits and establishing a market share of over 30% in the Indian Speciality Films category.
Sudhir, who retires on March 31, 2014, led MSF to grow domestically and expand in diverse international markets. In FY ‘13, MSF exported 30% of its production to South Africa, Middle East and Europe. It has a steady base of blue chip customers with its top 15% clients contributing nearly 70% of its sales. MSF operates at the higher value end of the market. While it has 11% of the installed BOPP capacity in India, it has a disproportionately high market share of 15%. The company has won many recognitions that endorse its innovation and quality orientation, including India’s most coveted packaging award, the India Star Award and the premier international packaging award, the World Star Award. The Company’s environment sensitivity won it the National Energy Conservation Award 2012 from Ministry of Power.
As India grows to become the 5th largest consumer market in the world by 2020, MSF will be a leading player in the speciality packaging film industry. Its current installed capacity is 52,000 tonnes per annum and its turnover for FY ‘13 was Rs 713 crore.
Speaking about the appointment, Rahul Khosla, Managing Director of Max India said, “I am delighted to welcome Jaideep to the Max family. His deep yet diverse expertise in specialized manufacturing businesses will be invaluable for Max Speciality Films. His track record of consistent and profitable growth will stand us in good stead for the growth, development and value creation that MSF is set to embark upon.”
Jaideep is a consummate professional with 27 years of experience in leading manufacturing businesses. He has held P&L responsibilities, managed business development, sales as well as manufacturing across India & China during his career. He last held the position of Director, Actis Advisors, Mumbai, intensively engaged in guiding and supporting the management teams at Actis’ investee companies to improve operations and optimize returns. Prior to joining Actis, he was President of Tomkins Plc’s Industrial & Automotive Businesses in India.
Commenting about his latest assignment, Jaideep Wadhwa said, “I look forward to being a part of the Max India family as there is a great alignment of culture and values between us. I believe this opportunity will allow me to build on a strong foundation and further enhance value"
Jaideep started his career with Wadco Tools Ltd. and worked several years at Ingersoll Rand managing various leadership roles in India & China. He last served as Vice President & General Manager, Industrial Technologies, India and Managing Director Ingersoll Rand (India) Ltd.
Jaideep studied at Modern School and graduated from St. Stephens College in New Delhi. He is also an MBA from the Darden Graduate School of Management, Virginia.
About Max India
The Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Businesses of Life’ with its vision to be one of India’s most admired corporates for service excellence – in what we do, how we do it and the positive impact we have on society and our stakeholders. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mitsui Sumitomo Insurance, Japan; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ’Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its SBU Max Speciality Films.
The Group’s businesses have built commanding presence in their respective sector, through a total customer base of nearly 7 million, over 300 offices spread across India and a people strength of over 70,000 persons. Max India remains committed to excellence in Corporate Governance and recognizes that in today’s world, it is an important driver for building all round excellence, attracting high-quality talent and intelligent capital. The Group and its companies are Shareholder steered, Board governed and Executive managed. The Board thoroughly evaluates business performance on nine strategic levers - enhancing business performance, investing in people and organisational development, creating efficiency in capital management, adopting an integrated enterprise-wide approach, investing sensibly in new growth opportunities, maintaining the highest standards of governance, continuously improving service quality, developing a distinct corporate brand and effectively managing risk.
The flagship company Max India Limited is a widely held public limited company, listed on the BSE & the NSE. Analjit Singh, Founder & Chairman, is the lead shareholder in Max India with over 39% holding. Other key shareholders in the company include some of world’s leading Institutional Investors, such as Goldman Sachs, International Finance Corporation, Washington (IFC), and Temasek Holdings.
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