New Delhi, Feb 14 (PTI) Max Ventures & Industries Ltd (MaxVIL) has completed its Rs 628-crore deal to sell the entire 51 per cent stake in the speciality packaging film business and will now focus only on real estate venture.
In November, MaxVIL had announced about exiting specialty packaging film business by selling its entire 51 per cent stake to Japanese joint venture partner Toppan Printing for Rs 600-650 crore as part of the company’s decision to fully focus on the real estate segment.
MaxVIL, in its statement, has announced the closure of the transaction and estimates the deal value to be concluded for around Rs 628 crores.
Accordingly, Max Speciality Films Ltd (MSFL) ceases to be a subsidiary of the company effective February 1, 2022.
The company is receiving first tranche payment of around Rs 485 crore and an additional Rs 10 crore is expected within 30 days.
The second tranche of payment of about Rs 133 crore is expected to be received before June 2023.
With exit from the packaging business, MaxVIL has now emerged as a pure-play real estate business entity with focus on premium residential and commercial real estate in Delhi-NCR.
“The proceeds from the sale of packaging business will be utilised towards the development of the real estate business and achieve the growth ambitions of MaxVIL to become one of the top multi asset real estate developer in the NCR region,” the statement said.
The restructuring process of MaxVIL and Max Estates to change the name of listed company to Max Estates Ltd has been initiated.
Sahil Vachani, MD & CEO of MaxVIL said: “With the closure of this transaction, the company has embarked on a new journey to emerge as the leading real estate developer in the NCR region.” The proceeds from the packaging business combined with internal accruals and potential financial partnerships with institutional investors will be judiciously deployed to grow real estate business.
“This will help us deliver on our stated aspiration of adding 1 million square feet of premium residential as well as commercial real estate space every year,” Vachani said.
MaxVIL, a part of the leading Indian multi-business conglomerate Max Group, owns and operates a real estate business through its 100 per cent subsidiary Max Estates. It also has a real estate services and management company–Max Asset Services.
Max Estates has entered into a partnership with NewYork Life Insurance Company (NYL) for its third commercial project in Delhi-NCR named Max Square. PTI MJH MJH HRS hrs
