Max Ventures & Industries to sell remaining stake in Max Speciality Films JV

Max Ventures & Industries Limited (MaxVIL) has agreed to sell the remaining stake of 51% in Max Speciality Films Limited (MSFL), a specialty packaging films business, to joint venture partner Toppan Printing for a consideration in the range of INR 600-650 crores.

Japan-based Toppan Printing will also take over the debt of MSFL as part of the transaction. Toppan Printing had acquired its 49% stake in Max Speciality Films Limited from Max Ventures & Industries in 2017 for around Rs 200 crore.

Max Ventures & Industries, which is involved in real estate and specialty packaging film businesses, has decided to quit from the non-core businesses. Following the exit, the firm will fully focus on the real estate business in the premium residential and commercial space across Delhi-NCR.

Sahil Vachani — MD and CEO of Max Ventures & Industries said: “The decision to divest our residual 51% stake in specialty packaging business to the existing partner is to generate additional growth capital to deploy in the real estate business that offers tremendous growth opportunities.”

Following the sale, Max Ventures & Industries expects to be able to create reserve funds of over INR 1,000 crores through sale proceeds, internal accruals, as well as potential commitment from financial investors. This capital will help in growing its residential and commercial real estate presence in Delhi-NCR, said Max Ventures & Industries.

CATEGORIES
TAGS
Share This

COMMENTS

Wordpress (0)
Disqus (0 )