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Max Ventures and Industries to sell entire stake in packaging film business

Monday, 15 Nov 2021
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Max Ventures and Industries (MaxVIL) is exiting specialty packaging film business by selling its entire 51 percent stake to Japanese joint venture partner Toppan Printing for Rs 600-650 crore as part of the company's decision to fully focus on real estate segment.

MaxVIL which is one of the three holding companies of the USD four billion Max Group informed that the all-cash deal has been struck at an enterprise value of Rs 1,350 crore.

MaxVIL has a presence in packaging film and real estate businesses. The packaging arm Max Speciality Films is 51:49 partnership with Toppan. It runs realty business through its 100 percent subsidiary Max Estates.

MaxVIL has entered into a definitive agreement with Toppan Printing to divest its remaining 51 percent 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.

Toppan will also take over the debt of Max Speciality Films as part of the deal. In 2017, Toppan had acquired 49 percent stake in Max Speciality Films for about Rs 200 crore and became a strategic partner of MaxVIL.

Max Speciality Films is one of the leading manufacturers of Biaxially Oriented Polypropylene (BOPP) films, including specialty packaging, labels, coating and thermal lamination films, with a total capacity of 72 ktpa.

With the divestment of the entire stake, MaxVIL will exit non-core businesses. It will now completely focus on the real estate business in the premium residential and commercial space in Delhi-NCR.

After the divestment, MaxVIL will would be able to create 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.

MaxVIL is in advance discussions with nearly half a dozen landowners to acquire and develop prime land parcels in Delhi-NCR.

The company's first office building 'Max Towers' in Noida, comprising around six lakh sq ft, has been almost fully leased. The second office building 'Max House', having one lakh sq ft leasable area, at Okhla in the national capital would soon get fully leased.

The construction works for Phase-2 at Okhla project comprising around one lakh sq ft as well as the new office complex 'Max Square', comprising seven lakh sq ft of leasable area, on Noida Expressway are progressing well.

The Max Square building at Noida is being developed through a joint venture with New York Life Insurance Company, which has 49 percent stake in the project.

MaxVIL has also bid for a stalled project of realty group The 3C Company in Noida and in proximity of its Max Towers project. The stuck project has a total 30 lakh square feet area.

Apart from realty and pacakging business, MaxVIL has a real estate services and management company 'Max Asset Services' and an investment subsidiary, Max I, which supports real estate entrepreneurial ventures.

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