News
Max Ventures to focus on real estate business Sells 51% residual stake in speciality film business
New Delhi, November 15, 2021: Max Ventures & Industries Limited (MaxVIL), one of the three holding companies of the $4-Bn Max Group, has entered into a definitive agreement with its existing Japanese strategic partner in Max Speciality Films Limited – Toppan Printing – to divest its remaining 51% stake in the specialty packaging films business for an enterprise value of Rs 1,350 crore, translating into an equity value of about Rs 600-650 crore (subject to customary adjustments).
A press release issued by the company says that Toppan would also be taking over the debt of MSFL as part of the deal. After acquisition of 49% stake in 2017 for about Rs 200 crore Toppan became a strategic partner of MaxVIL.
Engaged in businesses of real estate and specialty packaging films MaxVIL has decided to exit from the non-core businesses. Post this exit, the Company will completely focus on the real estate business in the premium residential and commercial space in Delhi-NCR.
After the divestment, the Company will be able to create a war-chest of more than Rs 1,000 crore funded from sale proceeds, internal accruals, and potential commitment from financial investors. This will help in expanding the residential and commercial real estate footprint in Delhi-NCR.
New York Life Insurance Company, a longstanding partner of the Group, is a strategic investor in the company, owning about 23% stake. Additionally, it has also invested at the project level through SPVs (Special Purpose Vehicles) route by picking up a 49% stake in Max Square, a commercial project on the Noida-Greater Noida Expressway. The Company will continue to look for such strategic/financial partners to back its expansion plans.
MaxVIL is in advance discussions with nearly half a dozen landowners to acquire and develop prime land parcels in Delhi-NCR.
Further, the Board of Directors have authorized the Investment and Finance Committee of the Board to explore various modalities for restructuring with its wholly owned subsidiary Max Estates Limited.
-
News3 weeks ago
Noida’s High-Rise Societies Face Multiple Challenges Despite Rapid Urban Growth
-
News3 weeks ago
Olive Announces Dhruv Kalro as Co-Founder
-
News4 weeks ago
Godrej Properties Sells 5000+ Homes of Rs 9.5 cr in Q4FY24, Bookings up 84% YoY
-
News4 weeks ago
Vestian: Domestic Investors Dominate Institutional Investments in Jan-Mar’24
-
News3 weeks ago
India to become the fastest-growing silver economy, housing up to 17% of the world’s elderly population by 2050: CBRE Report
-
News4 weeks ago
HRERA Gurugram Rejects Godrej Properties’ Project Extension Application, Account Frozen For Prolonged Non-compliances
-
News2 weeks ago
SKA Forays In Luxury Housing: Launches SKA Destiny One in Greater Noida, To Invest Rs 592 Crores
-
News4 weeks ago
Ashiana Housing Sells Rs 440 cr Worth 224 Flats at its Project Amarah in Gurugram