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MaxVIL 9M FY23 Revenue, EBIDTA up 18% 

February 3, 2023, New Delhi: Max Ventures & Industries Limited (MaxVIL), announced its Q3 & 9M FY23 results on Saturday. 

MEL has completed the acquisition of balance 2.39% equity share capital of Acreage Builders Private Limited (ABPL) on February 2, 2023, at an enterprise value on 100% basis of Rs 322.50 Crores. Consequent to the completion of acquisition, ABPL has become a step-down wholly owned subsidiary of the Company through MEL with effect from February 02, 2023.

New York Life Insurance has been onboarded as an equity investor committing Rs 290 Crores in Acreage Builders Private Limited (ABPL). MEL and New York Life shall be 51:49 shareholders, respectively in ABPL, which has a license to develop commercial project over an area measuring 7.15 acres located at Golf Course Extension Road, Gurugram. The developable leasable area is ~1.6 million sq. ft. with a revenue potential of ~Rs. 160 – 200 crores per annum.

New York Life, a Financial Services Company and the largest mutual life insurer in the USA has been our strategic partner in the real estate business since 2017. They hold 23% in the Holding Company i.e., Max Ventures and Industries Limited, and have also co-invested in Max Square Phase 1 & Phase 2 for 49% stake. Taking their cumulative commitment in the group to Rs 800 Crores. They continue to evaluate co-investment, as a strategic investor, in our CRE business.

Max Estates’ completed Grade A+ office projects – Max Towers and Phase 1 of Max House are 100% leased at a ~25-30% premium to the micro market.