Max Ventures & Industries Limited () of Max Group, which operates across two businesses of Real Estate in NCR and Specialty Packaging Films has decided to exit the packaging films business to focus completely on real estate.
The Board of Directors of the company on Sunday, approved the divestment of remaining 51% shareholding in Max Speciality Films Limited (MSFL), a subsidiary of the Company to Japan’s Toppan Inc., a 49% strategic partner in MSFL, in two separate tranches at an enterprise value of Rs 1,350 crore, the company said in a BSE filing.
“We have so far focused on commercial development but we will now enter the residential segment and are in final stages of acquiring three land parcels,” said a company source.
The company will also change its name from MaxVIL to Max Estates ltd.
“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 and be renamed as Max Estates Limited after receiving required statutory approvals. The change of name will bring better synergies between the name and the operations of the Company,” the company said in the filing.
After significantly leasing out Max Towers, Max Estates focus currently remains on leasing Max House Okhla Phase 1 and continue the timebound construction of Max Square. Max Estates has also been actively evaluating land parcels for its new commercial and residential projects, closure of which has been slightly delayed due to lockdowns. The company hopes to announce these new projects in FY22.
In real estate business company expects leasing to gain traction in coming quarters while foraying into residential business will open a new set of opportunities and help Max Estates move towards becoming one of the top multi asset class real estate developers in the Delhi-NCR region.
