Max India has approved a corporate restructuring plan, in a bid to split the firm into three separate listed companies to provide investors specific access to its diverse lines of businesses.

Once the demerger completes, the existing firm Max India will split into three verticals, including Max Financial Services (MFS), Max India, and Max Ventures and Industries (MVIL).

Max India chairman Analjit Singh said: "The new government is setting a rapid pace for economic reforms.

"This structural reconfiguration readies us to capitalize on opportunities created by the anticipated all round growth acceleration and to henceforth look at the wider world of business opportunities."

MFS will involve in the group’s life insurance activity, through 72.1% shareholding in Max Life, claimed to be first Indian firm exclusively focused on life insurance.

The recent announcement by Indian President about the Insurance Amendment Ordinance that is expected to be approved as an act, has made the company to create new business unit in the life insurance sector.

Max India will manage health and allied businesses, including Max Healthcare, Max Bupa and Antara Senior Living, and it will be supported by a corporate management services team.

MVIL will manage the investment activity in the group’s manufacturing subsidiary, Max Speciality Films, a speciality packaging films business.

In addition, the board approved the divestment of its clinical research business.