Max Financial Services is the newly demerged entity of the Max Group that owns an approximate 72 percent stake in Max Life, country's fourth-largest private life insurance player.

KKR acquired stake from a sponsor group led by Analjit Singh, Chairman Emeritus of Max Group, it said in a statement.

The investment was made from KKR's Asian Fund II through the portfolio investment route, it added. However, further details of the transaction were not disclosed. JM Financial executed the deal on behalf of both parties.

Last month, Max Group split the company through a demerger into three separate listed companies -- Max Financial Services for life insurance; Max India for health care, health insurance and allied businesses; and Max Ventures and Industries for manufacturing activities.

The partnership between KKR and Max Financial Services comes as the Indian life insurance sector steadily recovers from a recent slowdown and is poised for robust growth, the statement said.

It observed that the life insurance as a product category is significantly under-penetrated in India versus some of its Asian peers.

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